FHA Cash-Out Refinance
Contrasting a traditional cash-out refinance, the FHA cash-out refinance secures your new mortgage through Federal Housing Administration (FHA) insurance. This FHA-backed option provides an avenue for homeowners with lower credit scores to obtain approval, often accompanied by lower interest rates.
However, one downside is the requirement to pay mortgage insurance premiums (MIP) for either 11 years or the duration of the mortgage, based on the borrowed amount and mortgage terms.
We’ve made applying easy. To start your loan application and get preapproved click here, to find a local loan officer click here.
