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FHA Refinance If you are facing foreclosure we have helped many homeowners refinance out of foreclosure to a fixed rate loan.

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Old 03-20-2010, 08:07 AM
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Join Date: Mar 2010
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Default What's the difference between a refinance and a
cash-out refinance for an FHA mortgage? I'm getting conflicting info from mortgage companies. I have a 1st and 2nd mortgage through bank of America (2nd is balloon mtg.) All I'm looking to do is combine the two through another company, not take any additional money out. I don't have much equity in the house, and have been told 2 different things regarding an FHA loan. One lender says they can refinance up to 97.75% of my home's value. Another said They can only refinance up to 85% on what they consider to be a "cash-out" refinance. Do they consider it cash out when you're paying off a 2nd mortgage along with your first?I'm clueless about this stuff- please help!!! Thanks
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