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While homeowners typically equate the FHA loan program with low-down payment mortgages, FHA refinances are also available. In addition to easy-to-source rate-and-term and streamline refinances that replace an existing FHA mortgage with a better one, the FHA even offers cash-out refinance loans. A cash-out FHA loan refinance allows the borrower to take out up to 85 percent of the value of his property. In today’s market, the ability to pull out 85 percent of a home’s equity is attractive, but not as generous as a 96.5 percent FHA purchase mortgage. Nevertheless, while the borrower doesn’t get the high leverage of a regular FHA mortgage, he still gets many of its other benefits. FHA Refinance Requirements FHA cash-out refinances don’t impose limitations on how borrowers use the cash they take out. In addition, they also don’t require the applicant to have stellar credit. It’s possible that someone could qualify with a credit score in the 500s. What they don’t need is an ex
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