Lenders evaluate your credit score, home equity, debt-to-income ratio, and income stability to approve a cash-out refinance. Most require 620+ credit and 20%+ equity retained. Here's exactly what you need to qualify. Dream Financial Management since 1994.
| Requirement | Conventional | FHA Cash-Out | VA Cash-Out |
|---|---|---|---|
| Min Credit Score | 620 | 500 (10%+ equity), 580 (3.5%+ equity) | No minimum (lenders typically 580-620) |
| Max LTV | 80% | 80% | 100% |
| Max DTI | 43-50% | 43% (exceptions to 50%) | 41% residual income test |
| Seasoning (ownership) | 6 months | 12 months | 210 days / 7 payments |
| Mortgage Insurance | PMI if LTV > 80% | Upfront MIP + Annual MIP | VA funding fee |
| Occupancy | Primary residence | Primary residence only | Primary residence (must certify occupancy) |
Most recent pay stubs covering the last 30 days
Last two years of personal and business tax returns if self-employed
All pages of personal bank statements
Wage and tax statements for employment verification
Dream Financial Management pre-qualifies you across 500+ lenders to find the best cash-out refinance program for your qualifications. Free, no-obligation consultation.
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