FHA loans will currently let you take cash out of your home up to a maximum of 95% loan to value.  The guideline changed on January 1, 2009, to require you to have two appraisals for cash-out above 85% loan to value.  Now the guidelines will change again on April 1, 2009, so that the maximum loan to value for cash-out refinances in Delaware for FHA loans will be 85%.  If you get your FHA case # assigned before April 1, 2009, you can still go to 95% on your loan.  So you don’t have to close by April 1st.

So if you have been considering refinancing to do debt consolidation then you need to hurry up because debt consolidation is considered cash-out.  If you have questions or need help with an FHA loan, please call me at 302-703-0727 or APPLY ONLINE

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713