Can i do a cash out refinance with less than 20% equity in my home?

Well, really... no.. FHA allows for 85% Loan to value on a cash out transaction, but if you pay fees... by the time your all said and done, you won't even get 5%.. The better alternative for you is to refinance and use FHA's 203K... it allows for you to do improvements and add the costs of the improvements into a first mortgage. Under this program, they will go 97.75%Loan to value.. You have to use a licensed contractor for the work, and depending on how much $$ your planning on spending, you might need an FHA consultant as well, but this looks like the better way to go for your scenario... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

What is the rate on your current mortgage? IF it is above 5%, then an FHA 203k would probably be the smartest way to go. If your rate is lower, depending on the type of improvements and the amount to be spent, it may be possible to get a 2nd mortgage from your local community bank or Credit Union. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Yes! FHA allows it up to 85% LTV. Contact a LOCAL lender. I only lend in UTAH so if you know anyone needing financing in Utah my email is MortgageLendingPro@gmail.com or 801-971-6901

Yes, you can go up to 96.5% of the value of the home factiring in thecompleted improvements with a FHA renovation loan, or 95% with a conventional (non-FHA) loan. You can't use the loan funds for anything other than the repairs and improvements and related expenses. These are one of my specialties and I'd love the opportunity to work with you - and I'm right down the road from you. Call or email - pdumouchel@primelending.com or 843.619.6025

PS> Pardon the typos - hazards of multitasking...