FHA Cash Out Refinances

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FHA Cash Out Refinances

It can be easier to qualify to get cash from your home with FHA cash out refinances! That’s because you may be able to get approved with a credit score as low as 550 at Freedom Mortgage.

With an FHA cash out refinance, you replace your current FHA loan with a new FHA loan for a larger amount and get the difference in cash.

If you have a $200,000 loan balance and home equity, you might qualify to get a $250,000 loan and $50,000 in cash. Learn more from our cash out refinance example.

FHA Cash Out Refinances

All qualified homeowners eligible
Minimum credit score often 550
Mortgage insurance required

Conventional Cash Out Refinances

All qualified homeowners eligible
Minimum credit score often 620
No mortgage insurance with 20% or more equity
No funding fee

Learn More

VA Cash Out Refinances

Only qualified Veterans and others eligible
Minimum credit score often 550
No mortgage insurance
Funding fee required

Learn More

How Much Cash Can You Get?

The amount of cash you might get from a cash out refinance depends on the value of your home’s equity and the loan-to-value ratio of your refinance. Change the default values to personalize your estimate!

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The estimated cash-out amount result was calculated by subtracting the outstanding principal balance of your loan from 80% of your property’s estimated value and assumes closing costs will be paid in cash. Your actual cash-out amount may be less. It will be calculated by taking 80% of your property’s actual value (as determined by a full appraisal) and subtracting all outstanding liens and any applicable costs from that value.

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Let us help you secure the cash you need for your financial goals. Fill out the form below and one of our licensed Loan Advisors will contact you.

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* This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of refinancing, speak with a loan advisor at Freedom Mortgage.

A loan advisor from Freedom Mortgage will reach out to you to review your results and discuss the request for a cash out refinance on your home’s equity.

By clicking "Get Your Results," you consent to be contacted, including via automated technology or artificial/prerecorded voice, by Freedom Mortgage and any of its current or future affiliated companies (collectively "Freedom Mortgage") at the phone number(s) and email address(es) provided for marketing purposes about loans, even if your number is listed on a federal, state or internal do not call list . You affirm that you are the subscriber of the phone number(s) and email address or that the subscriber has authorized you to provide this consent. Your consent is not a condition of purchase of goods or services from Freedom Mortgage.

Cash Out Refinance Calculator Results*: $50,000

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Ask us what refinance rate we can offer you

The mortgage refinance rate we may be able to offer is personal to you. Your interest rate is affected by the type of refinance loan you want, your credit score, your income and finances, as well as the current mortgage market environment. Freedom Mortgage may be able to offer you a refinance rate that is lower - or higher - than the rate you see advertised by other lenders. Ask us today what refinance rate we can offer you.

At Freedom Mortgage, you can qualify to get cash from your home’s equity using an FHA cash out refinance with a credit score as low as 550. This is lower than the minimum credit score often required to get cash using a Conventional loan refinance.
No. You do not have to make a down payment to get cash from your home’s equity with an FHA loan. However, you will probably need to pay closing costs on your new loan. You may need to pay these costs in cash or you may be able to add them to your new loan amount.
Your FHA cash out refinance rate is personal to you. Your credit score, income, finances, the mortgage market, and other factors can influence the rate you might get.

Freedom Mortgage may be able to offer you a rate that is lower—or higher—than the rate you see advertised by other lenders. Speak to one of our Loan Advisors to learn what FHA cash out refinance rate we may be able to offer you.
An FHA cash out refinance may be the right choice for you. You may have an easier time qualifying for FHA cash out refinancing because at Freedom Mortgage, we can often accept a minimum credit score as low as 550.

Cash out refinances can have lower rates compared to home equity loans and HELOCs because they are considered first lien rather than second lien loans. Learn more about HELOCs and home equity loans.
Cash out refinance closing costs might run between 2% and 6% of the loan amount, according to The Mortgage Reports website. The closing costs of FHA cash out refinances can include the upfront mortgage insurance premium, lender fees, discount points, and more

Sometimes you can add these costs to your new loan amount. Other times, you'll have to pay them at closing.
Our experienced Loan Advisors can help you apply for an FHA cash out refinance. We can help you fill out your application and work with you to make every step of getting cash from your home’s equity simpler. To get started, call us at 877-220-5533.