FHA Cashout Refinance Changes

March 17, 2009 by Eleanor Leave a Comment

You have 2 weeks to make application if you want to take cash out of your home using a FHA refinance.

The technical explination of “cash out refinance” is when more than the balance of the mortgage and closing costs are included in the new loan amount. This could be in the form of cash to the borrower, or payment of secondary liens against the property, or the payment of any other borrower indebtness (like credit cards).

This is a significant change from the current 95% maximum loan to value for a cash out refinance. Borrowers have until March 31 to start their application if they would like to receive more than 85% loan to value.

If you have questions about this program, please call Steve and Eleanor Thorne with Corporate Investors Mortgage Group in Cary, NC at 919-649-5058.

About Eleanor

I see myself differently than most loan officers in the Cary/Raleigh market. As a rare Cary native, I see myself as an expert on the area, on mortgage industry changes & factors that effect rates! I've lived in Cary since 1968 - and I'm second generation "mortgage." I work with my husband, Steve Thorne Mortgage Loan Originator #60596 Equal Housing Lender More About Me