
March 25, 2021
Uses For An FHA Cash-Out Refinance Loan
If you are thinking about applying for a cash-out refinance loan, you likely have some ideas about what you want to use the money for. FHA Cash-Out refinance loans allow the homeowner to convert equity built up in the home and take it out in cash. The amount of cash back is determined once the original loan and the closing costs of the new loan have been dealt paid. How to use the money? Some want an FHA cash-out refi to do home improvements with no restrictions on how the cash gets used. These loans don’t have the same restrictions on how the funds are used when you compare them to the FHA 203(k) Rehabilitation loan which allows a refinance and improvements to be made using loan funds. But | more...