It sounds like you may be a good candidate for an FHA Cash Out Refinance. An FHA Cash Out Refinance only requires a minimum credit score of 580 although some lenders may permit lower credit scores under certain circumstances. With the significant equity in your home, a lender may be more willing to approve you with your credit score, depending on other qualification factors such as your debt-to-income ratio and employment history. Please note that to qualify for an FHA Cash Out Refinance you must be current on your debt payments and you can have no late mortgage payments for the prior twelve months. We provide a comprehensive overview of the FHA Cash Out Refinance Program on FREEandCLEAR for you to review.
You can use our Cash Out Refinance Calculator to determine how much money you can take out of your home based on your property value and current mortgage rates.
I also recommend that you contact FHA lenders to see if you qualify for an FHA Cash Out Refinance. You can review FHA lenders in your area by clicking FHA MORTGAGE RATES We advise you to contact at least four lenders as mortgage terms vary and shopping lenders is the best way to save money on your mortgage.