FHA Cash Out Refinances
FHA Cash Out Refinances
It can be easier to qualify to get cash from your home with FHA cash out refinances! That’s because you may be able to get approved with a credit score as low as 550 at Freedom Mortgage.
With an FHA cash out refinance, you replace your current FHA loan with a new FHA loan for a larger amount and get the difference in cash.
If you have a $200,000 loan balance and home equity, you might qualify to get a $250,000 loan and $50,000 in cash. Learn more from our cash out refinance example.
FHA Cash Out Refinances
- All qualified homeowners eligible
- Minimum credit score often 550
- Mortgage insurance required
Conventional Cash Out Refinances
- All qualified homeowners eligible
- Minimum credit score often 620
- No mortgage insurance with 20% or more equity
- No funding fee
VA Cash Out Refinances
- Only qualified Veterans and others eligible
- Minimum credit score often 550
- No mortgage insurance
- Funding fee required
How Much Cash Can You Get?
The amount of cash you might get from a cash out refinance depends on the value of your home’s equity and the loan-to-value ratio of your refinance. Change the default values to personalize your estimate!
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Cash Out Refinance Calculator Results*: $50,000
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Let us help you secure the cash you need for your financial goals. Fill out the form below and one of our licensed Loan Advisors will contact you.
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A loan advisor from Freedom Mortgage will reach out to you to review your results and discuss the request for a cash out refinance on your home’s equity.

Ask us what refinance rate we can offer you
The mortgage refinance rate we may be able to offer is personal to you. Your interest rate is affected by the type of refinance loan you want, your credit score, your income and finances, as well as the current mortgage market environment. Freedom Mortgage may be able to offer you a refinance rate that is lower - or higher - than the rate you see advertised by other lenders. Ask us today what refinance rate we can offer you.
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At Freedom Mortgage, you can qualify to get cash from your home’s equity using an FHA cash out refinance with a credit score as low as 550. This is lower than the minimum credit score often required to get cash using a Conventional loan refinance.
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No. You do not have to make a down payment to get cash from your home’s equity with an FHA loan. However, you will probably need to pay closing costs on your new loan. You may need to pay these costs in cash or you may be able to add them to your new loan amount.
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Your FHA cash out refinance rate is personal to you. Your credit score, income, finances, the mortgage market, and other factors can influence the rate you might get.
Freedom Mortgage may be able to offer you a rate that is lower—or higher—than the rate you see advertised by other lenders. Speak to one of our Loan Advisors to learn what FHA cash out refinance rate we may be able to offer you.
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An FHA cash out refinance may be the right choice for you. You may have an easier time qualifying for FHA cash out refinancing because at Freedom Mortgage, we can often accept a minimum credit score as low as 550.
Cash out refinances can have lower rates compared to home equity loans and HELOCs because they are considered first lien rather than second lien loans. Learn more about HELOCs and home equity loans.
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Cash out refinance closing costs might run between 2% and 6% of the loan amount, according to The Mortgage Reports website. The closing costs of FHA cash out refinances can include the upfront mortgage insurance premium, lender fees, discount points, and more
Sometimes you can add these costs to your new loan amount. Other times, you'll have to pay them at closing.
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Our experienced Loan Advisors can help you apply for an FHA cash out refinance. We can help you fill out your application and work with you to make every step of getting cash from your home’s equity simpler. To get started, call us at 877-220-5533.