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Oct 29, 2018
FHA cash-out loans are a very popular way to get access to the equity that has grown in your home. You likely purchased your home with 3.50% down payment. Over time, your “equity position” has grown significantly to 20% (or more). With as low as a 500 credit score, you are eligible for a FHA cash out loan.   If your credit scores are over 620, then a good option to review with a mortgage professional is a conventional cash out loan.
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Oct 01, 2018
Major credit events affect when you can “get back into the mortgage game”. After a bankruptcy or foreclosure, you can obtain a FHA much faster than a Conventional loan and for that reason are very popular. The actual discharge date or when your name was removed from the title after a foreclosure will start the timeline of when you can “re-enter” the market.
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Sep 17, 2018
The FHA program is setup to make home ownership easier.  Credit scores as low as 500 are eligible for FHA loans.  The reality is that those with "credit issues" and/or lower credit scores often find that FHA loan offers the easiest path to underwriting approval.  Borrowers with perfect credit can also benefit because the FHA program allows 3.5% down payments.  No matter your score, FHA loan may be a good fit for you.
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Jul 15, 2018
The qualifications for an FHA cash out loan is very similar to a new purchase loan or an regular FHA loan. Since the borrower is receiving money back on their investment, the lender is required to run a new credit report and the requirements are still relevant for new and even repeat customers.
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Grade My Mortgage

A FREE real-time "grade" of your mortgage.  Compares current market to your loan.

1

Amount

2

Details

3

Your GRADE

Loan

$
$
%
$
*Assuming FHA 30 Year Fixed

Details

Results

A Very Good.
B Good.
C Average.
D Refinance Now!

 

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FHA requires a Refi
HUD requires that FHA mortgages after June 2013 to refi in order to drop the PMI.
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