FHA · CASH-OUT REFINANCE
Use your home
equity to fund
your next move.
Explore replacing your mortgage with a new FHA-insured loan and receiving eligible equity as cash. Compare the new loan’s full cost before moving forward.
Apply NowSee an equity estimate.
Uses an illustrative 80% LTV, before closing costs.
$110,000
- Existing mortgage
- Estimated available equity
- Equity retained
Min $100,000 Max $2,000,000
Min $0 Max $1,500,000
Uses 80% LTV. Other liens, fees, loan limits, and underwriting can reduce proceeds. This is not an approval.
- Primary residenceOwner-occupancy rules apply
- New mortgageReplaces existing financing
- Full reviewAppraisal and income checks
HOW THE NUMBERS FIT
How cash-out works.
Available equity is only part of the calculation. Understand what the new loan needs to cover.
- 01
New mortgage
The lender establishes an eligible loan amount.
- 02
Payoffs and costs
Existing liens and transaction charges are paid.
- 03
Remaining proceeds
Eligible cash is released under the closing requirements.
ROOM FOR YOUR PLANS
A home that grows
with your plans.
From a new kitchen to a larger plan, understand the cost of using your equity.
FHA cash-out refinancing pays off your current mortgage with a larger FHA-insured loan.
Eligible remaining proceeds can be paid to you after liens, closing costs, and other charges.
KNOW WHERE YOU STAND
Loan details.
AT A GLANCE
FHA Cash-out Refi
- Maximum LTV
- Generally 80% for FHA cash-out
- Property use
- Principal residence
- Insurance
- New upfront and annual FHA MIP
- Valuation
- Full underwriting and an appraisal
WHAT GETS REVIEWED
Your starting checklist.
- Required ownership and occupancy history
- Acceptable mortgage-payment history
- Verified income, assets, credit, and debts
- Appraised value and applicable FHA loan limits
Worth considering
You replace your current rate and term, add closing costs and mortgage insurance, and increase the debt secured by your home. Compare the full cost of the new loan before you decide.
COMPARE YOUR PATHS
A new mortgage or
a second credit line?
THIS LOAN
FHA Cash-out
- Replaces your first mortgage
- Lump-sum proceeds at closing
- FHA mortgage insurance costs
ANOTHER PATH
HELOC
- Typically a separate lien
- Draw within an approved line
- Your first mortgage can stay in place
How it works.
You set the goal. Explore your options and understand what you’ll need next.
- 01
Tell your story
Start with your goal, your property and how you earn.
- 02
Explore your options
Compare the loan features that fit your situation.
- 03
Review the details
Confirm eligibility, documents, rates and total costs.
- 04
Choose your next step
Proceed when the offer and numbers work for you.
A little more clarity
Common questions.
Clear answers to help you choose your next step.
Does my current loan need to be FHA?
No. An eligible conventional or other mortgage may be refinanced into an FHA cash-out loan, subject to FHA and lender requirements.
How much equity can I access?
FHA cash-out refinances are generally limited to 80% of the home’s appraised value. Your current mortgage payoff and closing costs come out of that amount.Draft, pending review
Must I live in the home?
Yes. FHA cash-out refinancing is for an owner-occupied primary residence, and you generally need to have lived there for at least the past 12 months.Draft, pending review
Is mortgage insurance required?
Yes. FHA loans include an upfront mortgage insurance premium and an annual premium paid monthly. How long it lasts depends on the loan amount, term and loan-to-value.Draft, pending review
Give your equity a new purpose.
Make the new mortgage work for the plan you have in mind.
Apply Now