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Desperate need of advice-FHA Loan Cash-Out Options

 I'm from Brownsville, Texas and want to accomplish two things: 1)Get cash to purchase a residential lot to build my dream home 4-5 years down the road 2) Refinance my current mortgage to lower my interest rate. I have have excellent fico scores of 770 and my debt on the house is only 35k and it's valued at 85k. I currently have an FHA loan and wanted to know who I can go with to get an FHA Cash-Out refi with in Texas or how to best accomplish my two goals? I've been researching google alot  but I'm new to all this as my career is to teach technology and coach at a middle school. Please help fellas.
  • February 21 2013 - Brownsville
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Answers (12)

Profile picture for pkloans sa2002
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  • December 14 2014
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GENUINE [Spam deleted by Zillow moderator]
  • August 30 2014
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  • May 05 2014
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Andrew,
My prescription would be that you stay on your meds......
  • February 24 2013
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wanted to know who I can go with 
=============================

Try the first or second lender in the Zillow prof directory:

http://www.zillow.com/directory/plano/mortgage-lenders?frmsrch=true
  • February 23 2013
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  • February 23 2013
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Doctor Wayne,

My very first post went something like this... "Since you can't do a FHA cash out in TX..." see evidence below

"so you might want to read the guidelines" - we good w/ the guidelines piece now? 

"and $1,900 would not cover closing cost"  - it would on my GFE

"As Tom mentioned" - actually he just regurgitated the same thing I had said a few hours earlier or maybe he read the same guidelines I did.

My point Sherlock is to get ALL the FACTS before diagnosing and prescribing next time.  Pretty please?

Thanks,
Andrew

  • February 23 2013
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Profile picture for funds2
Andrew,
TX has very specific laws on A6- TX Cash Out loans so you might want to read the guidelines. As Tom mentioned, and I replied on direct email from poster, no cash outs in TX on FHA and conventional has a 3% cap on closing cost and $1,900 would not cover closing cost  Any discount has to be for actually buying down interest rate, so very restrictive under $125K loan amount............
  • February 21 2013
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Cashout not available with FHA loans in Texas.
You would need a conventional. But your scores are good enough.

Your new loan amount will be max 80% of appraised value.
  • February 21 2013
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Depends on when your last mortgage transaction was on your current FHA loan, before or after April 2009? Also depends if you want to do 2 separate transaction or simplify into one. Appraisal will tell us how much cash out you will get, as of now $68K is 80% of estimate 85K value minus the current payoff - minus closing cost rolled into loan = Net proceeds.

  • February 21 2013
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Andrew I need minimum 36K but I'd like to get to 42K if possible. Andrew if I convert it to a conventional loan, how much am I looking at with closing costs/ fees that I have to pay upfront? Or can it be rolled into loan? You think I'm better off doing an FHA streamlined refi PLUS getting a seperate home equity loan to accomplish both goals?
  • February 21 2013
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Since you can't do a FHA cash out in TX, you would just convert the loan to a conventional loan and can do cash out up to 80% loan to value.  How much money do you need to buy the lot?

  • February 21 2013
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