Print this page or keep it open while you talk with at least two lenders about FHA loans. It goes with the 5 guides on FHA Cash-Out Guide. Sections are ordered by how often those guides discuss each topic, and each one quotes what the guides say about it. Write each lender's answer in its column, then compare. Nothing here is collected or sent; the boxes are for pen and paper.
Read before you call
One point from each guide on this site, so you can follow what each lender tells you.
- “An FHA cash-out refinance replaces your current mortgage (FHA or not) with a new FHA-insured loan larger than what you owe, paying you the difference.” From FHA Cash-Out Refinance: How It Works
- “FHA cash-out requires the home to be your principal residence for the required period before the case number is assigned.” From FHA Cash-Out Occupancy and Seasoning Explained
- “The FHA appraisal establishes value and checks that the property meets HUD's minimum property requirements and standards for safety, security and soundness.” From FHA Cash-Out Appraisal and Property Standards
- “Government ID, recent pay stubs, W-2s for two years and tax returns if self-employed or with other income.” From FHA Cash-Out Documents Checklist
- “You provide income, asset and property information, and the lender pulls credit.” From FHA Cash-Out Refinance: The Process From Application to Funding
Questions from this site's guides
| Question | Lender 1 | Lender 2 |
|---|---|---|
| How long have I owned and lived in the home? | Lender 1 answer | Lender 2 answer |
| Is my payment history clean for the required period? | Lender 1 answer | Lender 2 answer |
| Do I have documents proving occupancy? | Lender 1 answer | Lender 2 answer |
| Is the home owned free and clear? | Lender 1 answer | Lender 2 answer |
| Will a co-borrower be added? | Lender 1 answer | Lender 2 answer |
From the checklist on this site.
FHA loan questions
What the guides on this site say:
- “Occupancy and ownership: FHA requires you to have owned and lived in the home as your principal residence for a minimum period first.” From FHA Cash-Out Refinance: How It Works
- “Maximum loan-to-value: FHA sets a cash-out cap that is lower than the purchase limit.” From FHA Cash-Out Refinance: How It Works
- “A new upfront and annual mortgage insurance premium apply.” From FHA Cash-Out Refinance: How It Works
| Question | Lender 1 | Lender 2 |
|---|---|---|
| How will the upfront and annual FHA mortgage insurance premiums appear on my Loan Estimate? | Lender 1 answer | Lender 2 answer |
| How long will the annual premium last on this loan? | Lender 1 answer | Lender 2 answer |
| Do you add your own requirements on top of FHA's rules? | Lender 1 answer | Lender 2 answer |
| If this is a streamline refinance, what benefit will the new loan give me? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: FHA loans.
Your Loan Estimate
What the guides on this site say:
- “Within three business days of a complete application, you receive a Loan Estimate.” From FHA Cash-Out Refinance: The Process From Application to Funding
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Can you send me an official Loan Estimate for this exact scenario? | Lender 1 answer | Lender 2 answer |
| Which fees in the Loan Costs section are your own charges, and which are third-party charges? | Lender 1 answer | Lender 2 answer |
| Which services on the Loan Estimate can I shop for myself? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Loan Estimate explainer.
Loan features
What the guides on this site say:
- “Watch for a refund of your old escrow balance and a final statement from the previous servicer, and set up payments with the new servicer.” From FHA Cash-Out Refinance: The Process From Application to Funding
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Does this loan have a prepayment penalty? | Lender 1 answer | Lender 2 answer |
| Can the interest rate or monthly payment change after closing? If so, when and how? | Lender 1 answer | Lender 2 answer |
| Will I have an escrow account for property taxes and insurance? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What is a prepayment penalty?.
Rate lock
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Is my interest rate locked yet? If so, on what date does the lock expire? | Lender 1 answer | Lender 2 answer |
| What happens if closing is delayed past the lock date, and is there a cost to extend it? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What's a rate lock?.
Points and lender credits
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Does this quote include discount points or lender credits? | Lender 1 answer | Lender 2 answer |
| What would the same quote look like with no points and no credits? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Discount points and lender credits.
Before you choose
What the guides on this site say:
- “If you have strong credit and equity, compare the total cost with a conventional cash-out.” From FHA Cash-Out Refinance: How It Works
| Question | Lender 1 | Lender 2 |
|---|---|---|
| What are your individual and company NMLS IDs, so I can look them up? | Lender 1 answer | Lender 2 answer |
| Who will service the loan after closing? | Lender 1 answer | Lender 2 answer |
Questions based on NMLS Consumer Access.
This worksheet is general education. It does not ask for or store any personal information, and it is not an offer or a pre-approval. Compare written Loan Estimates, and verify every lender on NMLS Consumer Access.
Sources
- CFPB: FHA loans
- CFPB: Loan Estimate explainer
- CFPB: What is a prepayment penalty?
- CFPB: What's a rate lock?
- CFPB: Discount points and lender credits
- NMLS Consumer Access