FHA refinancing cash-out -- knowing your options -- Part 1 of 2
By Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
( Social Media - Infinity Home Mortgage Company, Inc)
UPDATE : August 23, 2008 -- Cash Out Mortgages - FHA loans vs Conventional loans - Part 1 FHA has a "cash-out" and a "no cash-out" refinance. There is are few major advantages when applying for a FHA cash-out refinance than possibly doing a conventional cash-out refinance. All scenarios are for primary residences only. FHA CASH-OUT CONVENTIONAL CASH-OUT Up to 95% of the value of your home -- 95% LTV Up to 90% of the value of your home -- 90% LTV No hits on pricing on cash-out ¾ of a point hit up to 90% cash-out Monthly mortgage insurance is .50% of loan amt Monthly mortgage insurance is .52% of loan amt Subordinate financing may take place & can exceed the CLTV of 90%. CLTV = total combination of 2 loans divided by the value of your home. A 1st & 2nd mortgage. The CLTV ...
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