FHA Cash Out Refinance in Florida

Mortgage-World.com is an online mortgage company.
We specialize in many loan products including an FHA cash out refinance in Florida requiring a minimum credit score of 500!

We have over 20 years experience in the mortgage industry and we are licensed in New Jersey, Connecticut and Florida.

For a quicker response call 201.403.8673

FHA Cash Out Refinance in Florida
FHA Cash Out Refinance in FloridaFHA Cash Out Refinance in Florida

Refinance:

  • Minimum credit score of 500
  • Low interest rates
  • Max loan to value (LTV) of 80%
  • 12 months of ontime mortgage payments
  • Fast closings

Property Type:

  • Single Family
  • 2 Unit
  • 3 Unit
  • 4 Unit
  • Condo
  • Townhouse
  • Manufactured homes
  • Mobile homes

Benefits of an FHA Cash Out Refinance:

  • Debt consolidation
  • Home improvements
  • College tuition
  • Large purchases
  • Cash in hand
  • Divorce

FHA Cash Out Refinance in Florida

What is an FHA Cash Out in Florida?

An FHA cash out refinance is when a homeowner takes out a new loan that is larger than the balance on their existing mortgage.

The difference between the new loan and the old one is paid out to the homeowner in cash, which can be used for any purpose like renovating your home or paying off debt!

The difference between a traditional cash-out refinance and an FHA cash-out refinance is that your new mortgage will be insured by the Federal Housing Administration (FHA).

With FHA mortgages, homeowners with lower credit scores can be approved and the loans come with lower interest rates.

You will have to pay mortgage insurance for 11 years. It is important to consider whether a cash-out refinance is the right choice for you.

How to Qualify for an FHA Cash Out Refinance?

A minimum credit score of 500 is required. At Mortgage-World.com, we can go down to a 500 credit score.

Most lenders require a credit score of 580 or 620 to qualify for an FHA cash out refinance in Florida.

The subject property must have at least 20% equity in the home after taking the cash out.

The mortgage must not have any late payments in the last 12 months.  Late payments on revolving accounts and installment loan are acceptable. The minimum loan amount is $50,000.

What Documents are Required?

  • Income documents such as paystubs, W2s and/or tax returns
  • 2 months bank statements
  • Copy of drivers license and social security card
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For a quicker response call 201.403.8673

Written by: Chris Luis, loan officer for Mortgage-World.com

  • Chris Luis covers mortgages and the housing market. Chris Luis has over 20 years experience in the mortgage industry.
FHA Cash Out Refinance in Florida

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