Refinancing a Car for a Mortgage Down Payment

Question: Can a borrower refinance a car and use the equity for a down payment on an FHA loan? Answer: Unfortunately, no. FHA requires collateralized loans to be taken against a financial asset or real estate. See the full guidelines below. Reference: 4000.1, II.A.4.d.iii (K) Loans (TOTAL) A Loan refers to an arrangement in which a […]

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