How much can I get out of a cash out refinance?

If you are an eligible veteran, you can borrow up to 90% of the appraised value. FHA is limited to 85% loan to value. (primary residence)

In regards to a cash-out refinance, there are many variables that will determine the exact dollar amount of cash-out. Some of these variables include FICO score, loan amount, appraised value, debt-to-income ratio, purpose of cash-out and loan program. Speak with a local mortgage loan originators to discuss your personal situation to get the facts. Happy New Year!

The answer is both. Lenders will allow a loan up to a certain LTV, or loan-to-value. Your equity is the difference between what your home is worth (appraises for) and what you owe. So If your home is worth $100,000, and the lender will allow a maximum LTV of 85%, this means that the maximum amount of the new loan is $85,000, leaving you with $15,000 in equity. If you have less than this already, you will not be able to get any cash out. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Typically whatever your home appraises for, you can borrow up to 85% of that appraised value.

It's really both. You can Borrow up to 85% of the house value, BUT if that amount is over $417K you run into a whole different set of guidelines. Contact a LOCAL lender and they will be able to help you get it completed.

It really depends on the type of loan, FHA, conventional, VA, jumbo. Please feel free to contact us to discuss further. 201-962-3555 or Team@BestMortgageOption.com

And it is more difficult to get approved for a cash out loan.