What Is an FHA Cash-Out Refinance?
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An FHA cash-out refinance allows you to draw on the equity you've built in your home. The FHA cash-out program can be a good option for homeowners who need funds for home improvements or to achieve a credit-building goal.
FHA loans, including refinances, are insured by the Federal Housing Administration (FHA). Relaxed qualification requirements generally make FHA loans an attractive option for borrowers who might not be eligible for a conventional loan. But your current mortgage doesn't need to be an FHA loan to qualify for an FHA cash-out refinance.
» MORE: FHA refinancing options
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