The FHA mortgage program allows for FHA mortgage refinances of owner occupied homes. The maximum cash out refinance loan cannot exceed 85% of the appraised value of the home, which is 5% more than on a conventional home loan.

FHA cash out refinance mortgage is defined as follows: An FHA  mortgage refinance is where a homeowners gets more than $2,000 back after close of transaction, and / or, any FHA refinance that involves consolidating a second mortgage or equity home loan that is less than 1 year old.

You can calculate approximately how much cash out you can get from an FHA mortgage refinance by using the following formula:

• Home Value X 85% = New Maximum Home Loan
• Maximum Loan - Amount Owed = Approx. Cash Out Amount

The cash out from your FHA mortgage refinance can be used for anything including:

• Home Improvements
• Paying Off High interest Credit Cards
• Bill Consolidation (and mortgage if second is less than 1 year old)
• Large Purchases
• Student loans
• Vacations
• Investment homes(s)

You may use the cash from an FHA cash out refinance for 1-4 unit homes. You do not have to have an existing FHA home loan in order to do a cash-out refinance.

An advantage of the FHA mortgage program is if you have had previous credit issues, there is no minimum FICO score requirement as long as you can verify timely payment history for the last 12 months. Also, you may FHA cash out refinance sooner than you could with a conventional loan after major credit issues includ0ing:

• 2 yrs. after a Bankruptcy 
• 3 yrs. after a Notice of Default

 New FHA Loan must be within maximum Florida FHA loan limit.

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