Florida Cashout Mortgage Refinance Options
Not sure which type of cash-out Florida refinancing option suits your needs? Call me!
- NO tax return: Cashout No Tax return lenders use 1099, bank statement documentation.
- VOE: Allow your VOE to disregard your tax return write-offs.
- Pledged Assets: Assets in your account to qualify.
- P&L Only: Use your licensed Tax preparer’s Profit and Loss to qualify.
- ITIN Mortgage– Non-residents cashout Florida mortgage uses bank statements for income.
- Foreign National: Nonresidents can invest, purchase, or cash out.
- Bad Credit: Bad Credit mortgage approvals are based on payment history.
- Refinance Florida Hard Money Lenders – High-interest rate hard money for quick funding.
- Bad Credit Florida mortgage refinance –Bad Credit mortgage approvals based on payment history.
- Refinance Non-warrantable Condos: Don’t meet Fannie Mae or Freddie Mac specs..
- Bank Statement: Refinance using 12 or 24 average bank deposits with no tax returns.
- 1099 Mortgage: Florida mortgage refinance using 1099s for income.
- Self-Employed Mortgage: Self-Employed Florida cashout refinance options, you write off too much of your income.
- FHA Mortgage Lenders – Cashout refinance in all Florida down to 500+ credit score.
- VA 100% Mortgage loans: No PMI -VA Florida cashout mortgage refinance.
- Conventional: Fannie Mae or Freddie Mac – Conforming cash out Florida mortgage.
- Jumbo: Mortgages and Alt doc super jumbo loans over $806,500 up to $50 Million
- No Income: No doc, stated Florida no Income verification Mortgage Lender
- Cross Collateral – Up to 90% financing when pledging assets as collateral.
- Bridge-to-Sale – Help clients access their listed property’s equity before its sale.
- Asset Depletion – Increase client purchasing by using assets to qualify income.
- Refinance Florida Condotel – Super Jumbo Condo and Condotel for Unique properties.
- Pledged Asset – Cashouts up to 90%(stocks, mutual funds, etc.) without liquidating.
- Refinance Florida Home While Listed For Sale – Cashout home listed for sale.
- 1099 Mortgage Refinance Lenders: Use 1099 Income to qualify.
- Florida Condo Mortgage Mortgage Lenders:Non-Warrantable: Condotel: Co-op.
Cash-out Refinance Requirements
Cashout Requirements may vary depending on the cashout Florida mortgage program.
- 500+ minimum credit score and approval based on payment history, not credit score.
- Home equity: 30% minimum equity needed for cash-out refinance.
- Maximum 45% debt-to-income ratio with 6+ months reserves.
What Is a Cash-Out Refinance?
A cash-out refinance allows Florida homeowners to secure a new, larger mortgage to replace their current home loan and get the difference in cash. With a cash-out refinance, you take out a new mortgage that exceeds the current mortgage and or other liens on your house. The difference between the new mortgage amount and the balance on the previous mortgage goes to you at settlement in cash. For Example: New Florida cashout mortgage = 300k – Previous mortgage 200k = $100k difference – closing cost includes taxes, insurance, and title fees.
The proceeds from a Florida cash-out mortgage refinance can be used for anything, including
- Mortgage Refinance Tax Liens, Code Violations, Judgements
- Refinance Florida Tax Liens, Code Violations, Judgements
- Refinance Florida Tax Liens, Assessments, Judgements Ect.
Cashout Florida Mortgage Refinance 4C Checklist
| CASH | Florida cash-out mortgage lenders need to see equity in your home to qualify. Best case cashout refinance allows cashout up to 80% of your home’s appraised value. |
| CREDIT | Minimum 500+ credit score based on payment history, NOT credit score driven. |
| CAPACITY | Max DTI 55% of your monthly income for housing, plus all other minimum payments on your credit report. |
| COLLATERAL | Single Family, multi-family 2-4 units, townhomes, villas, FHA-approved condos, manufactured, modular homes, commercial, land. |
Cash Out Florida Mortgage Refinance
Determine the equity in your home by subtracting what you owe on the mortgage from the home’s estimated market value. For example, if your estimated home is worth 400K and you have 200K remaining on your loan, you have an estimated 200K equity and 50% loan-to-value. 200 / 400= 50% LTV. Depending on your credit and loan program, lenders will lend up to 80% loan-to-value. In this case, you might get 400 X .80 =320,000
- Subtract your current loan balance from the value of your home. 400K – 300K = 100K
- Assess the deal’s benefit – try to calculate your new monthly payment and think about how comfortable you will be with paying it. If you’re unsure, looking for other refinancing options is best.
- Apply – just like when you got your first mortgage, you will again have to go through the appraisal and underwriting process before you can apply for a loan.
What Fees Should I Expect With A Cash-Out Refinance?
The cost associated with a cash-out refinance greatly depends on the credit, equity, and loan program that you applied for. As with any cash-out mortgage refinance, you’ll have to pay closing costs. These costs typically range from 3% to 6% percent of the total loan amount.
