Cashout Refinance | NC FHA Expert

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.

Cash Out of Home with FHA Refinance

January 5, 2009 by Eleanor Leave a Comment

Do You Have Cash in Your Home? Have you heard the joke about the way you see your house, and the way the tax guy sees it and the way your appraiser sees it?

Well, it’s pretty funny… because everyone has a difference perspective!

If you believe you have some equity in your home, and you would like to take cash out, FHA might be your best bet! Not on a home like the one above (of course), the maximum FHA loan in Wake County is now $271,050… but FHA now allows you to cash out up to 95% of the value of the home!

FHA allows you to use this money for investments, to take a vacation, pay off bills, home improvements… almost anything you need! Some folks think rates will be at 4.5%! To find out how to get your 4.5% mortgage - click here!

Call us for details, and the current interest rates! Steve and Eleanor Thorne, Corporate Investors Mortgage Group, 919-649-5058.