You may be like many Americans who have seen bonuses, overtime and hours cut in the past year or two. The decline in income may have forced you to decide between keeping your mortgage current or your credit cards.
Even if not, you may find yourself with more revolving debt than you can manage; even if you are no longer adding to the balances, the sums and interest charges may just seem too much to eliminate. You may even have looked into a consolidation loan–only to be told your credit score at 640 is too low.
There may yet be hope to get you out of the credit payment spiral. Although you typically pay slightly more for an FHA cash-out refinance, here are some guidelines to show you how it might help you when other loan programs can’t. Be sure to use a mortgage calculator to determine whether such a refinance is worth it.
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