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A cash-out refinance mortgage offers flexibility and variety, whether you want to obtain cash for home improvements, take a vacation or pay off a credit card. What’s more, all closing costs, financing costs and prepaid items can be rolled into the new loan amount.

So what are your options?

You may receive a conventional loan with 20% equity cash out up to 80% of value of your home.

An FHA-backed cash-out refinance that allows the borrower to receive money back from the new loan.

As the housing market makes a recovery the equity in your home has finally started to grow. With cash-out refinancing, you can do a 100% cash out refi for a VA loan. There’s no monthly mortgage insurance to pay and rates are excellent.

Here’s what you need to know about cash out refinancing:

Conventional 80% – loan to value/combined loan to value ratio/home equity combined loan to value:

  • Fixed rate only.
  • Benefit to borrower required
 (pay off 1st/2nd, lower rate, more stable product, etc.).

 

What’s the difference between FHA and VA loans?

Both are government-backed loan programs, but they each have distinctions. VA loans offer no down payments* and a federal guarantee, while FHA mortgages can be obtained for 3.5% down and are insured through HUD.

VA Home Loans Require:

  • As little as no cash down* within conforming loan limits
  • No monthly private mortgage insurance premiums
  • A VA funding fee between .5 and 3.3% (some borrowers exempt)
  • Relaxed qualifying standards
  • Flexibility for all closing costs and up to 4% concessions may be paid by seller
  • Owner occupancy
  • VA benefit eligibility

FHA Mortgages Require:

  • 3.5% minimum down payment
  • Upfront mortgage insurance payment of 1.75% (just .01% for price-cut FHA Streamline)*
  • Monthly mortgage insurance premiums for a minimum of 5 years
  • Relaxed qualifying standards
  • Flexibility for all closing costs and up to 3% concessions may be paid by seller
  • Owner occupancy

No Money Down* Sets VA Loans Apart
FHA loans require at least 3.5% down. Currently, the conforming loan limit for VA loans is $417,000 in most parts of the country. So, while a $200,000 VA loan can be obtained for no money down*, an FHA loan of the same amount will cost a borrower about $7,000 in cash up front.

VA Loans Require No Monthly Mortgage Insurance Premiums
VA borrowers never pay private mortgage insurance (PMI). Most FHA borrowers will be required to pay an Upfront Mortgage Insurance Premium (UFMIP) of 1.75%, as well as monthly MIP of 1.2% or more for a minimum of 5 years for most loans. However, a recent change to the FHA Streamline Refinance program as of June 11, 2012 offers select FHA borrowers* with loans endorsed on or before May 31, 2009, reduced mortgage insurance premiums of just 1.25% UFMIP and .55% MIP. FHA loans with 15-year terms or less and loan-to-value ratios of 78% or less are exempt from monthly premiums.

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