FHA-vs-Conventional

Parameters

FICO Score

MIP/PMI

Down payment

Seller Contribution

Gift Funds

Property standards

Qualifications

FICO 550 & above

100% Financing

Income documents

Interest Rate

Property used for

Number of units

FHA

580 & above

Yes/High

3.5%

Allowed

Strict

less-restrictive

10% down

FICO 640 & above

2 years required

Competitive

Primary only

1 – 4 units

Conventional

620 & above

Yes/Low

Yes, depends on LTV

Allowed

Liberal

Restrictive

Not qualify

2 years required

Competitive

All

1- 4 units

Which program you qualify for?

Your FICO scores and other components such as tradelines, derogatory items, credit history and some other factors would determine which one you qualify for. However, your FICO score is the main one.

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Hal Bradosti

NMLS # 2226225
Mortgage Loan Originator
State Licensed: DC, FL, IA, MD, MN, NE and VA
Call or Text (703) 843-3969 - Email: info@hbradosti.com

NEXA Mortgage, LLC | NMLS # 1660690
www.nexamortgage.com

Corporate Address: 3100 W Ray Rd
STE 201 Office # 209, Chandler AZ 85226
NMLS Consumer Access Link Click Here

Cash Out Refinancing
Cash out refinancing is a type of mortgage refinancing where a borrower pays off current mortgage by getting
a new mortgage and get some cash out. Of course, the new mortgage (loan) will be larger than the current
one due to cash out. Let’s say that your current house worth/appraised for $250,000 and you currently owe
$100,000 to the current lender. Let’s say that you want to make some home improvement to your house or
you want to consolidate your debts by borrowing another $50,000. In this case, when you try to get a new
loan, the new mortgage (loan) is considered Cash Out Refinance. You will tell the new lender that you want to
get $50,000 Cash Out by refinancing your current mortgage. Your new loan (principle) will increase by $50,000
plus other fees (closing costs). Let’s say the fees (closing costs) are around $10,000. So, your new loan will be
($100,000 Current Mortgage + $50,000 Cash Out + 10,000 Fees) = $160,000 will be your new mortgage(loan).

Borrowers normally pay higher interest rate on Cash Out Refinance than Rate/Term Refinance. Under rate/term
refinance, normally the principle/current mortgage amount stays the same plus closing costs.
The main reason to do a cash out refinance is that most likely the cheapest money you can borrow compared
to borrowing from credit cards or getting a personal loan. Once again, with Cash Out Refinance, your
current (existing) mortgage (loan) is paid off and replaced with a new mortgage with a larger amount as
it explained in a above example.
Home Much Can You Get On A Cash Out Refinance?
The answer is it depends on meeting certain requirements. If you want to find out how much you can get, please fill
out this simple form and I will get back with you as soon as possible

Mortgage Refinancing or Home Refinancing
Buying a home is a major financial decision one needs to make. Home Refinancing is also can be intimidating. It literally
has to make sense in term of rate and closing costs before refinance your home. There has to be a “Net Tangible Benefit”
to the borrower before refinancing a home. In other words, there has to be a financial benefit to the Borrower such as
changing ARM to fixed term with lower interest rate and/or removing PMI (Private Mortgage Insurance)/ removing MI for
FHA loan. Some borrowers refinancing their home to get Cash Out. Click Here to learn more about Cash Out Refinancing
Lowering monthly payment or shorting the term of the loan are main reasons to refinance your home. You can potentially
save thousands of dollars over time. When you refinance your home, it means you are paying off current mortgage and
replacing it with a new one. The goal is to get a new loan at a lower interest rate so you can have lower monthly payment.
Another reason to refinance your home is to get cash out. If you have enough equity in your home and have credit cards
debts it make sense to use that cash to pay off those debts. Of course, there are many other reasons to refinance your
home such as home improvement projects.
However, many homeowners are reluctant to refinance their home due to the paperwork involves in the process.
Click Here and fill out a simple form to find out if refinancing your home would saving money and
there is “Net Tangible Benefit” to you.
You can apply here to refinance your home! We offer Cash Out Refinancing, FHA Refinance, VA Refinance, USDA Refinance or any mortgage refinancing.
We also offer First Time Home Buyer Mortgage, Conventional Mortage, FHA Mortgage, VA Mortgage and USDA Mortage.
disclaimer:
*Any advertisement, programs or Filling out any forms on this website do not consider an offer to enter into
an agreement and is not a commitment to make a loan.
Not all customers will qualify for a loan. Information, rates and programs are subject to change without notice.
All products/programs are subject to Income, Debt, Credit and Property Approval. Not all customers will qualify.
Information, rates and programs are subject to change without prior notice. All products are subject to credit and
property approval. All approvals are subject to underwriting guidelines. Not all products are available in all states
or for all dollar amounts. Other restrictions and limitations may apply. VA loans subject to individual VA Entitlement
amounts and eligibility, qualifying factors such as income and credit standards, and property limits. NEXA Mortgage, LLC
is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA,
HUD or FHA, or any other government agency. Copyright © 2020 NEXA Mortgage, LLC NMLS#1660690. AZMB#0944059.
3100 West Ray Rd Ste 201 Chandler, AZ 85226, 602-344-9333. www.NEXAMortgage.com NEXA Mortgage, LLC is an Equal Housing Lender.
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