813.910.8020 Apply Now

Mortgage Broker Tampa, FL | Mortgage Lender Tampa Florida | Marimark Mortgage

  • Home
  • Homebuyers
  • Homeowners
  • Realtors
  • Investors
  • About Marimark
  • Contact Us
  • Mortgages
  • Apply Now
  • Current Mortgage Rates
  • Calculators
  • Testimonials
  • Blog
  • Videos
  • Featured In
Home / Blog / Refinance / FHA Cash-Out Refinance

FHA Cash-Out Refinance

May 22, 2014 By Mary Catchur

FHA Cash-Out Refinance for Home Renovations
Photo Credit: Arnold Masonry and Landscape/Flickr/CC.

FHA Cash-Out Refinancing can be a great financing tool for some homeowners. Cash-out refinancing is a loan where you borrow more than you owe on your mortgage. Then after the mortgage and loan costs are paid, you receive the extra cash.

FHA Cash-Out Refinancing is permitted on:

  • owner occupied principal residences
  • properties owned free and clear

If the property has been owned as a principal residence for less than 12 months preceding the loan application, the loan amount is based on the lesser of 85% of the sales price or the current appraised value of the property. The sales price need not be considered if it was inherited.

Borrowers are not eligible:

  • who are delinquent or have mortgage delinquencies within the most recent 12 month period
  • with less than 6 months payment history on the existing mortgage 

The mortgage must be current and all payments must have been made within the month due for the previous 12 months; or for more than 6 months and less than 12 months of payment history, all payments were made when due.

Source: Does FHA allow cash out refinances?

For more information, see Handbook 4155.1: 2.B.6.a; 3.A.1.k; 3.B.2.

Opt In Image
Stay Informed, It's Your Money
Marimark Mortgage Newsletter

The Marimark Mortgage Newsletter will keep you informed with important events in the mortgage industry that could impact your finances.

We especially focus on ways to save money on your current and future mortgages. And, we continually share the information we share with our clients, because we believe informed consumers are the best consumers.

Real estate agents, and other professionals in the industry, will receive an ongoing wealth of information that will help them serve their clients.

Thank you for signing up!

Filed Under: Refinance Tagged With: FHA Cash-Out Refinance, refinance

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

Save with a Mortgage from Marimark

Whether you are buying a home or refinancing, you can save with a mortgage from Marimark Mortgage!



    Search

    Post Categories

    Testimonials

    Refinancing with Mary an absolute pleasure

     
    Refinancing with Mary has been an absolute pleasure. I have never been through the process before and she took the time to explain each step. She was prompt (had a rate locked in right away) and most importantly always answered the phone or emails almost immediately! The communication line alone made the refinancing process every bit worth it. Would recommend to anyone, and will be back for any future purchases! Bret Brennan, March 2021
    See More Reviews
    Marimark Mortgage LLC
    5327 Primrose Lake Circle
    Tampa, FL 33647-1328
    (813) 910-8020
    (866) 910-8020

    Accessibility
    Privacy Policy
    Terms of Service
    Sitemap

    Reviews

    Website Testimonials
    Google Reviews
    Zillow Reviews
    Trulia Reviews
    Facebook Reviews
    Yelp Reviews
    BBB A+ Rating

    FOLLOW US

    • ‎
    • ‎
    • ‎
    • ‎
    • ‎
    • ‎
    Marimark Mortgage is a BBB A+ Accredited Business

    Recent Posts

    • Sandra Fernandez: Extraordinary Knowledge, Professionalism, and Service
    • Factors to Consider in Deciding Whether to Use a Bank or Broker for Your Mortgage
    • Dan Underwood: Home Loan Process | Would Use Marimark Mortgage Over and Again
    • Why are there often big differences between interest rates quoted online?
    • Advantages and Disadvantages of an FHA Home Mortgage

    © 2023 Marimark Mortgage, LLC All Rights Reserved. | Internet Marketing by Image Building Media. | RSS Feed

    Reviews / Recommendations: Google, Zillow, Trulia, LinkedIn, Facebook, Yelp, BBB

    Licensed in Florida by the Office of Financial Regulation, Mortgage Lender License #MLD77.
    Licensed in Virginia by the Virginia State Corporation Commission, License MC#4556.
    Licensed in Pennsylvania by the Department of Banking and Securities, License #40222.
    NMLS#248318 – www.nmlsconsumeraccess.org.