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Cash out loan for home repairs?

I have an FHA loan of $400k, still owe about $250k. the rate is 5.5% and my credit score is at 690. the house needs some walls repaired and carpet taken out by konradkeithl98454 from Chester, Ohio. May 20th 2015 Reply


Daniel Walsh (dwalsh)
#51 ranked lender in Ohio - 11 contributions

Hi,I'm happy to answer any questions you may have. Generally it's a bit difficult to get a refinance done and get cash out if there are some issues such as walls needing repaired, etc. We do have some programs that we could place you with that would lower your rate as well as get you any cash out that you may need. Feel free to contact me at 513.490.1585 at your convenience. You can also email me at dwalsh@bankingunusual.com. Thanks!Dan WalshPeoples Bank

May 20th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,045 contributions

You have several options available to you, but the best loan would be a "Cash Out" refinance into a conventional loan. All FHA loans have mortgage insurance and in most cases, it's there for the life of the loan. but in your scenario, if the property is worth $400K, and you finance less than $320K, then with conventional, you wont have to pay MI.. the interest rate is not as good as FHA, but when you add the cost of MI, you would get a lower payment using conventional with no MI vs. FHA with MI.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

May 20th 2015
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Kim Lawson (kilawson)
#55 ranked lender in Ohio - 150 contributions

Hi, You'd want to consider a cash out refinance (conventional). If the property is in too bad of condition we could offer you the Homestyle loan which is a conventional renovation product. If you have something in your credit history and you need the leniency of FHA, then there's an FHA 203k loan that could help you out. The best way would be cash out then you can manage the funds and could do the work yourself. If you had to go with the homestyle or 203k loan, then you'd have to work with a general contractor to get the loan and work done.. If you may have add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.

May 20th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,109 contributions

Based on the numbers you listed you have many options. The best option would be to do a conventional cash-out refinance to do the repairs you wish. I would suggest speaking with a local loan officer or two, share your information and see what options they have available for you. Best wishes, Sean

May 25th 2015
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