Getting FHA cashout refi with 80% LTV

Hi There,For an FHA cash out refinance, you can actually go up to an 85% Loan vs. Value...but you will have the Up Front Mortgage Insurance Premium as well as a Monthly Mortgage Insurance factored into your payment.You may be better off pursuing a Conventional cash out refinance up to 80%. That way you would avoid the mortgage insurance. Hope this helps :)

FHA is limited to 85% Loan to Value, so if your currently at 80%, then you would only be able to pull out 5%. If you have VA benefits available to you, then VA allows for 100% LTV on cash out transactions. Any other type of lending program will be limited to 80% LTV.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Other than VA or possibly a home equity loan, I don't know of a way to get cash out with the LTV over 85%. However, if the reason you are taking the money out is to remodel or repair the home it definitely IS posslble using a renovation or repair escrow mortgage (FHA or conventional) because the appraisal will be based on the home after the improvements are completed.

I would offer up a little different solution then some of my fellow mortgage consultants have presented in these responses to your question. I propose our 80/10/10. I personally can not submit that loan for someone in Nevada, but would be more than happy to refer an associate who does these loans in Nevada. That way you may obtain cash out up to 90% cltv! You may reach me thru my profile and I will gladly refer you Audrey.