Posted on: 12th Nov, 2013 01:12 am
Hello there... I inherited a home from my father who is deceased. I own the home for past 1 year now. I have a credit score of 725. Will I be able to get a cash-out refinance?
With the credit score that you have mentioned, you will be able to qualify for a cash out refinance. However, you will have to show around 20% equity in the property in order to refinance the loan.
Yes, given your credit score a cash out refinance would be quite possible.
The day the property probate was completed and the property put into your name, you could do a cash out refinance.
You did not have wait a year.
Now that a year has passed, you can certainly do a cash out refinance with a credit score of 725.
You did not have wait a year.
Now that a year has passed, you can certainly do a cash out refinance with a credit score of 725.
Cash out refinances on single family homes are available up to 85% of the value of the property.
If you are over 80% of the value, Private Mortgage Insurance will be required.
If you are over 80% of the value, Private Mortgage Insurance will be required.