What does it mean to take out a “cash-out” refinance? It means that you are refinancing more that what is owed on your first mortgage when you take out a new loan. A “limited” cash-out refinance means that you are including the closing costs in your new loan amount. With an FHA loan, you can refinance your loan up to 95% using the “cash-out” option, that is, until April 1, 2009 when the rules change.
Starting April 1, the maximum loan to value on a “cash-out” refinance for FHA loans becomes 85%. Please go to my personal blog, Eugene Loan Guy, to read all about the changes taking place with FHA loans in April. When you consider what has been happening with home values, these changes make a lot of sense. As always, if you have questions, give me a call at 541-342-7576 or e-mail me at fchamberlin@alpinemc.com.
*This is not an offer to lend. 
Obama Refinance Plan For San Jose Homeowners AnnouncedHome Affordable Refinance Program Update Harp 2 Bay Area San Francisco California March 2012 Guidelines for Purchasing a 3 to 4 Unit Property with FHA Financing in Alameda, CA8 Year Fixed to 30 Year Fixed. You Can Choose Your Loan Term In San Jose
