FHA Cash-Out Refinance

GPTKB entity

Statements (33)
Predicate Object
gptkbp:instanceOf gptkb:Mortgage_Refinance_Program
gptkbp:advantage Closing costs apply
Loan limits apply
Mortgage insurance required
gptkbp:alternativeTo gptkb:Conventional_cash-out_refinance
gptkbp:availableOn Single-family homes
2-4 unit properties
gptkbp:benefit Access to home equity as cash
Potentially lower interest rates than unsecured loans
gptkbp:canBe Debt consolidation
Education expenses
Home improvements
Major purchases
gptkbp:compatibleWith Investment properties
Vacation homes
gptkbp:eligibility Homeowners with sufficient equity
https://www.w3.org/2000/01/rdf-schema#label FHA Cash-Out Refinance
gptkbp:introducedIn 1970s
gptkbp:maximumCashOut Up to 80% of appraised value minus outstanding mortgage
gptkbp:maximumLoanToValueRatio 80%
gptkbp:minimumCreditScore 500
gptkbp:offeredBy gptkb:Federal_Housing_Administration
gptkbp:purpose Allow homeowners to replace existing mortgage with a new, larger FHA loan and receive cash difference
gptkbp:regulates gptkb:U.S._Department_of_Housing_and_Urban_Development
gptkbp:requires Property appraisal
Proof of income
Acceptable debt-to-income ratio
At least 12 months of on-time mortgage payments
Mortgage insurance premium
Occupancy as primary residence
gptkbp:website https://www.hud.gov/program_offices/housing/sfh/ins/203cashout
gptkbp:bfsParent gptkb:FHA_loan
gptkbp:bfsLayer 6