Florida cash-out refinance guide.
Florida home values have risen significantly. Many homeowners are sitting on $100,000–$300,000 in equity they can access through a cash-out refinance — without selling.
Turn your equity into liquid cash.
A cash-out refinance replaces your existing mortgage with a larger loan and puts the difference in your pocket. You keep the home. You get cash. The new loan is secured by your property — typically at a lower rate than credit cards, HELOCs, or personal loans.
Cash-Out Refinance Example
Note: If you have a low existing rate, compare cash-out refi vs HELOC carefully. A HELOC lets you draw on equity without touching your primary mortgage rate.
Conventional Cash-Out — Up to 80% LTV
Most lenders allow cash-out refinances up to 80% of your home's appraised value. 620+ credit score required. Rental properties are typically capped at 75% LTV.
FHA Cash-Out — Up to 80% LTV
FHA cash-out requires 620+ credit score (some lenders 580+), 12 months of on-time mortgage payments, and owner-occupancy. Comes with MIP, which adds to cost.
VA Cash-Out — Up to 100% LTV
VA-eligible borrowers can cash out up to 100% of their home's value — no other loan type allows this. No PMI. A powerful option for veterans with significant equity.
DSCR Cash-Out for Investment Properties
Investors can access equity in rental properties using DSCR loans with no income documentation. Qualify on rental income. Typically 70–75% LTV max on investment properties.
Common Uses of Cash-Out Proceeds
Home renovations (often increases home value), debt consolidation (eliminate high-rate cards), down payment on investment property, college tuition, business capital, emergency reserves. No restrictions on use.
The Rate Trade-Off
Cash-out refinancing at a higher rate than your current mortgage raises your monthly payment. Run the break-even math: how long until the lower-rate debt savings offset the higher payment? Our team does this analysis for free.
Equal Housing Lender. Not a commitment to lend. All loans subject to credit approval and property appraisal. NMLS# 1859012. Licensed in Florida.
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