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Is it possible to refinance to a conventional mortgage from FHA and get cash out?

I'm looking to pull cash out, as well as get rid of my PMI. Is this possible? Loan closed in 2012 for $320k, and since my property has gone up by about $90-100K in value. I have good credit in the high 600's. by berlin.wan2824 from Garden City, Idaho. Oct 21st 2015 Reply


Mark Rodeghiero (markr@3rates.com)
#34 ranked lender in Idaho - 15 contributions

Absolutely. Depending on your need for cash you have several options. If you want to go over some quick scenarios please give me a jingle as I am just down the street in Eagle, ID.Mark Rodeghiero 208-938-2228 x200 Source Mortgage, Inc. NMLS 1871/32760

Oct 21st 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

It's possible.. conforming guidelines allow you to go up to 80% Loan to Value when doing a cash out refinance.. so assuming your home is now worth $420K, then your maximum loan amount would be $336K. So you could do a cash out refi, but you wouldn't be able to pull out that much.. 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 NMLS# 226347

Oct 21st 2015
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Mandi Feely (mandifeely)
#23 ranked lender in Idaho - 2 contributions

Hi Berlin, Absolutely. We would love to help you with our mortgage needs and we can certainly pull cash and drop your MI. If we can't get this done no one can! please give us a call 208-608-5888 or apply online at www.teammandi.comMandi

Oct 21st 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,112 contributions

Yes you can refinance from FHA to conventional. Max LTV for cash out with conventional is 80%. For you, it will depend on how much your home appraises for. If the value comes in at $420K, the max loan for cash out is $336K, depending on how you pay for closing costs you won't get much back. Also your interest rate with a credit score in the high 600's will not be that great, especially after the cash-out hit. Best to speak with a local loan officer or two and see what your options are and if it will make sense or not.

Oct 25th 2015
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