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Refi with cashout

I want to do some home improvements. I owe $250,000. My home is worth $315,000. I have a fha loan at 4.75%. Is it possible.
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June 06 2010 - Riverside
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Answers (6)

I decided to check on the availablity of home equity seconds and looked at the websites for 4 local credit union.  Only ONE of the 4 offered either equity loans or line of credit exceeding 80% combined loan-to-value, which affects you since--based on the home value you stated--you are already presently at a 79% LTV.  The website for the one CU that went to 90% was schoolsfirstfcu.org, otherwise FHA may be your best option.  (As I think about it, FHA does have a 203k rehab loan if you are considering more expensive than $15k to $30k, but it is not offered by many lenders.  Its rate/fees are also higher than a "regular" FHA loan.)

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June 11 2010

Keep the loan you have and talk with a local bank or credit union about doing a home improvement loan.

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June 11 2010
Amy you are at 79% LTV. With FHA you can go to 85%, also depending on credit. Are you paying MI right now? Would also like to know if Fannie or Freddie owns your mortgage? It is, ultimately, doable...
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June 11 2010
Hello, this is Kevin from Provident.

While I would generally agree with what Greg has said about a cash-out FHA refinance, since you already have a great 4.75% rate you presently do not stand to get the added bonus of lowering your rate further thru a refi.  Be sure to evaluate carefully how much you will incur in costs to get the cash you seek.  Besides the usual fees, watch for the difference between your old FHA Mortgage Insurance Premium (MIP) and the new premium.

You might be better off with a small home equity loan, perhaps from a local credit union.  Most mortgage professionals would be happy to calculate the numbers for you.  Good Luck!
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June 11 2010
Amy, whether or not you can or should refinance, will depend on how much money you are looking for.
FHA has a "cash-out" refinance program which will go as high as 85% of your appraised value. Based on the your numbers that would give you about $17,750 before costs.
Refinancing has a cost attached to it and those costs would have to be deducted from your proceeds.
I would recommend sitting down with a lender and analyzing the numbers to see if refinance is the best alternative.
Good luck!
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June 06 2010
Yes
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June 06 2010
 
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