What is the minimum $ amount (or percentage) of equity needed to do a cash out refinance?
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
It depends on the loan. On a standard owner occupied Fannie Mae/Freddie Mac conventional loan, the maximum cash out refinance is 80% of today's value. On a standard FHA loan, it is 85%. For a VA loan, you can cash out up to 100% of the value. For cash out refinances in SD, MN, and WI, visit me at www.MortgagesUnlimited.biz
Ralph Richard Guertin (ralph@absolutelowrates.com)
#58 ranked lender in Georgia - 807 contributions
Don't do SD, But Joe is spot on!!
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