There’s a rumor going around! FHA used to allow those purchasing a home to refinance their car, pull out the equity and use that as a down payment. They do not allow that anymore, but there are other ways to help you come up with a down payment. Let’s talk and start mapping out your plan to own a home. It may be easier than you think!
Related Article Title: 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 […]