start portlet menu bar

Banner-FHA-Cash-Out

end portlet menu bar
start portlet menu bar

FHA-Cash-Out-Cards-Callout-IHA

end portlet menu bar

It can be easier to qualify to get cash from your home with FHA cash out refinances! That’s because you may be able to get approved with a credit score as low as 550 at Freedom Mortgage.

With an FHA cash out refinance, you replace your current FHA loan with a new FHA loan for a larger amount and get the difference in cash.

If you have a $200,000 loan balance and home equity, you might qualify to get a $250,000 loan and $50,000 in cash. Learn more from our cash out refinance example.

FHA Cash Out Refinances

  • All borrowers eligible
  • Minimum credit score often 550
  • Mortgage insurance required
  • No funding fee
 

Get Started OnlineRight facing arrow, blue

Conventional Cash Out Refinances

  • All borrowers eligible
  • Minimum credit score often 620
  • No mortgage insurance with 20% equity
  • No funding fee
 

Learn MoreRight facing arrow, blue

VA Cash Out Refinances

  • Only Veterans, active-duty personnel, surviving spouses eligible
  • Minimum credit score often 550
  • Funding fee required
 

Learn MoreRight facing arrow, blue

Easier Qualification with FHA Loans

It can be easier to get cash from your equity with FHA cash out refinances. That’s because at Freedom Mortgage, you may qualify for cash with a credit score as low as 550. Ask our loan advisors how much money you might get from your home.

See If You QualifyRight facing arrow, black

start portlet menu bar

Calc Banner_FHA

end portlet menu bar

Cash Out Refinance Calculator

start portlet menu bar

Cash Out Calculator_copy_copy

end portlet menu bar

How Much Cash Can You Get?

The amount of cash you might get from a cash out refinance depends on the value of your home’s equity and the loan-to-value ratio of your refinance. Change the default values to personalize your estimate!

All fields are required.

$
$
The estimated cash-out amount result was calculated by subtracting the outstanding principal balance of your loan from 80% of your property’s estimated value and assumes closing costs will be paid in cash. Your actual cash-out amount may be less. It will be calculated by taking 80% of your property’s actual value (as determined by a full appraisal) and subtracting all outstanding liens and any applicable costs from that value.

Get your calculator results delivered to your email

Let us help you secure the cash you need for your financial goals. Fill out the form below and one of our licensed Loan Advisors will contact you.

All fields are required. Reset Calculator Results


Please enter valid first Name

Please enter valid last name

Please enter valid email

Please enter valid phone

Please enter valid cashout purpose
Please select valid state
Please select valid loan type
Please select valid current customer

$
Please enter valid withdrawal amount
* This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of refinancing, speak with a loan advisor at Freedom Mortgage.

A loan advisor from Freedom Mortgage will reach out to you to review your results and discuss the request for a cash out refinance on your home’s equity.

By clicking "Get Your Results," you consent to be contacted, including via automated technology or artificial/prerecorded voice, by Freedom Mortgage and any of its current or future affiliated companies (collectively "Freedom Mortgage") at the phone number(s) and email address(es) provided for marketing purposes about loans, even if your number is listed on a federal, state or internal do not call list . You affirm that you are the subscriber of the phone number(s) and email address or that the subscriber has authorized you to provide this consent. Your consent is not a condition of purchase of goods or services from Freedom Mortgage.
green checkmark in the center of a green circle.Your results have been emailed to you. A loan advisor will reach out to you soon.

Cash Out Refinance Calculator Results:
$*

icon for a keyTake the Next Step

start portlet menu bar

Tabs-Cash-Out-Refinance-Process_FHA

end portlet menu bar

How Cash Out Refinances Work

Estimate Your Cash

How much cash can you get from your home’s equity? Use the calculator on this page to estimate how much you might be able to borrow. You can use your money to consolidate debt and pay for large expenses.

Cash Out Refinance

Apply for an FHA Loan

To get an FHA cash out refinance, you need to apply for a new loan. We’ll likely get a new home appraisal to estimate your home’s current value. We’ll ask you to read and sign documents that explain your new FHA loan and give us permission to review your application .

Cash Out Refinance

Close Your FHA Loan

The process of reviewing your application is called underwriting. Our underwriters will look at your credit, income, and finances to decide if you meet our requirements. If you’re approved, we’ll schedule a closing where you can sign your loan documents and get your cash!

Cash Out Refinance

Get Your Cash

It generally takes five days from closing to get your cash with an FHA cash out refinance. We can deposit your cash directly into your bank account or send you a check. You’ll get all your cash at one time as a lump-sum payment.

Cash Out Refinance
start portlet menu bar

faq-fha-cash-out

end portlet menu bar

FHA Cash Out Refinance FAQs

Have questions about FHA cash out refinancing? Look here for answers.

  • At Freedom Mortgage, you can qualify to get cash from your home’s equity using an FHA cash out refinance with a credit score as low as 550. This is lower than the minimum credit score often required to get cash using a Conventional loan refinance.

  • No. You do not have to make a down payment to get cash from your home’s equity with an FHA loan. However, you will probably need to pay closing costs on your new loan. You may need to pay these costs in cash or you may be able to add them to your new loan amount.

  • Your FHA cash out refinance rate is personal to you. Your credit score, income, finances, the mortgage market, and other factors can influence the rate you might get.

    Freedom Mortgage may be able to offer you a rate that is lower—or higher—than the rate you see advertised by other lenders. Speak to one of our Loan Advisors to learn what FHA cash out refinance rate we may be able to offer you.

  • An FHA cash out refinance may be the right choice for you. You may have an easier time qualifying for FHA cash out refinancing because at Freedom Mortgage, we can often accept a minimum credit score as low as 550.

    Cash out refinances can have lower rates compared to home equity loans and HELOCs because they are considered first lien rather than second lien loans. Learn more about HELOCs and home equity loans.

  • Cash out refinance closing costs might run between 2% and 6% of the loan amount, according to Forbes. The closing costs of FHA cash out refinances can include the upfront mortgage insurance premium, lender fees, discount points, and more.

    Sometimes you can add these costs to your new loan amount. Other times, you'll have to pay them at closing.

  • Our experienced loan advisors can help you apply for an FHA cash out refinance. We can help you fill out your application and work with you to make every step of getting cash from your home’s equity simpler. To get started, call us at 877-220-5533.

start portlet menu bar

FHA-Cards_Learn_More

end portlet menu bar
Learn More About FHA Cash Out Refinances
Couple with paperwork and laptop in kitchen

5 Reasons to Get a Cash Out Refinance

Your home's equity can help you get cash

Learn More Right facing arrow, blue

couple kitchen laptop chat

Cash Out Refinance Credit Scores

Find Out the Minimums for Conventional, FHA, and VA Loans

Learn More Right facing arrow, blue

Smiling woman with laptop and mobile phone

Tax Implications of a Cash Out Refinance

Will taking cash from your home’s equity affect your taxes?

Learn More Right facing arrow, blue

start portlet menu bar

MortgageRates-NonOKTA-Form

end portlet menu bar

The Right Loans to Reach Your Goals

We’re Here to Help