Could A Tucson FHA Cash Out Refinance Loan Help?


 

By Joseph Small

Tucson FHA Cash Out Refinance Loan. You purchased a home in Tucson Arizona with an FHA home loan a few years back. Now the kids are grown and you need help paying for college. Or perhaps the roof needs repair. You probably are now wishing you had more tucked away for that rainy day. Well, there might be an option available to you.

Over the years, many Tucson FHA homeowners have discovered the FHA cash out refinance home loan. This program allows homeowners that have built up significant amount of equity in their homes to refinance and pull cash out. However, there are some basic criteria that you should be aware of:

1. You must have an FHA home loan.
2. You must have owned your home more than a year prior to refinancing,
3. The max refinance will be 85% of the appraised value, plus allowable closing costs.

In order to get the most benefit from refinancing your FHA mortgage, it is often best to consider refinancing after you have had time to build up a significant amount of equity in your Tucson Arizona home. Because the FHA cash out refinance loan only goes to a max Loan-to-Value or LTV of 85% of the home’s value, an FHA appraisal will be necessary.
So if you think you have built up significant equity in your home and would like to explore this refinancing option, then just give us a call. We will be happy to sit down with you and go over everything to see if this loan program would be right for you and your family.

Note: All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice.
 

Read more about the FHA cash out refinance loan

Joseph Small and his team at Guild Mortgage Company are the FHA refinance loan experts in Tucson, Arizona.


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