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Owe $234,000 and current value of my home is $341,000. How much cash can I get out?
asked Aug 30, 2017 in Refinancing by chrisPB

1 Answer

0 votes
It will be very difficult to get a cash-out refinance with a 600 credit score, unless you go with a "non-prime" loan or a government-backed option like FHA. The problem with FHA is the mortgage insurance, which is pretty expensive, and you have to pay it even if your loan-to-value is under 80 percent. However, if you can add 40 points to your credit score, you'd be eligible to borrow up to $255,750 (75 percent loan-to-value)with a Fannie Mae cash-out refinance. FHA allows you to go higher, to $289,850, or an 85 percent loan-to-value.
answered Aug 30, 2017 by anonymous

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