An FHA cash-out refinance allows homeowners with at least 20% equity to tap into their home’s value and receive cash. To qualify, borrowers must meet FHA requirements, including credit score and loan seasoning guidelines.
Most FHA lenders prefer a steady two-year work history, but what matters most is proving stable income and your ability to repay the loan. If you can do that, employment gaps are often acceptable.
Federal Housing Administration (FHA) loans have been helping people purchase homes since 1934. These loans are designed to help first-time homebuyers and those with less-than-ideal finances purchase their primary residence. In addition to having relaxed eligibility requirements, FHA loans also offer competitive rates and low minimum down payments.
FHA loans require mortgage insurance premiums (MIP), which impact your monthly payment. This guide explains upfront and annual MIP costs, how long you’ll pay them, and whether you can remove them.
Discover how FHA loans work, their key benefits, and the steps to apply. With low down payments and flexible credit requirements, FHA mortgages are a great option for first-time buyers and those looking to keep more cash in their savings.