Cash-out FHA refinance

Homeowners who have owned their property for at least 12 months that occupy the premises and have not had late payments over the past twelve months may qualify for an FHA Cash-Out Refinance.  A cash out refinance is when the borrower refinances their existing mortgage and wishes to take advantage cash out of their property or consolidate their debt.

When comparing FHA loans to Conventional loans, you'll find  FHA  tends to be much more forgiving and is very competitive in the market place.   As of April 1, 2009  FHA reduced the maximum cash out to 85% of the appraised value or sales price (whichever is less if purchased within the past 12 months).  Unlike the FHA Streamline loan,  homeowners who wish to take advantage of their equity (cash out) are required to credit and income qualify. 

With interest rates being  at their lowest in almost 5o years, now is a perfect time to lock in a lower rate as history has proven we move in cycles!  The Gulf war was a perfect example, rates shot up almost a full percentage point over night and  property values plummeted! 

For those that currently have a FHA home loan that do not qualify for cash out or just prefer to lower their interest rate and payments without an appraisal,  the FHA Streamline Loan may be more suitable!  For additional information and a FREE, No-Obligation Consultation contact Inman Mortgage Group today as we are directly approved by FHA and look forward to providing you the personal and professional services our clients expect and you deserve!  Call us today or just simply APPLY Online now!