The Cash Out Refinance Minimum Credit Score depends on which loan program you use, with options ranging from 620 down to 500 for borrowers with lower credit. We help homeowners across NJ, CT, and FL find the right cash-out program for their credit, equity, and goals.
Licensed in NJ · CT · FL · NMLS #1630225
Cash Out Refinance Minimum Credit Score: What It Takes to Qualify
If you’re sitting on home equity but worried your credit isn’t strong enough to tap it, you may have more options than you think. The cash out refinance minimum credit score varies a lot depending on the program — Conventional, FHA, VA, or Non-QM — and we work with multiple loan programs to find the one that fits where your credit stands today, not where you wish it was.
Your Credit Score Sets the Program, Not Whether You Qualify
620 and Up
Conventional Cash-Out
With a 620+ score, a Conventional cash-out refinance through Fannie Mae or Freddie Mac usually offers the lowest rate and the most straightforward underwriting, up to 80% of your home’s value.
500 to 619
FHA or Non-QM Cash-Out
Below 620, FHA can still work down to roughly 500, and Non-QM bank-statement or asset-based cash-out programs can go as low as 600 depending on your equity and income documentation.
Cash Out Refinance Minimum Credit Score Guide — Mortgage-World.com
Cash-Out Refinancing
What Is the Cash Out Refinance Minimum Credit Score?
There’s no single answer to the cash out refinance minimum credit score question, and honestly, anyone who gives you one flat number without asking about your loan program first isn’t giving you the full picture. A cash out refinance replaces your current mortgage with a new, larger one, and you walk away with the difference in cash — for debt consolidation, home improvements, tuition, an investment property down payment, or whatever else you need it for. The credit score you need depends entirely on which type of loan you’re using to do it.
For a Conventional cash-out refinance backed by Fannie Mae or Freddie Mac, most lenders want to see at least 620, sometimes higher if your debt-to-income ratio is on the higher side. FHA cash-out loans are more forgiving on credit, often allowing scores down to the 500 range. VA cash-out refinances for eligible veterans and active-duty borrowers can also work in the 500 range depending on the lender. USDA cash-out refinances require the property to be USDA eligible and there are income limits. And if your income doesn’t show up cleanly on a tax return, Non-QM cash-out programs — including bank statement and asset-based options — can open the door with scores as low as 600, though usually with a lower maximum loan-to-value.
Worth knowing: Your credit score affects more than just whether you qualify — it also affects your interest rate and how much equity you can pull out. A 580 score and a 740 score can both close a cash-out refinance, but the rate and the cash you walk away with can look very different. We’ll show you both sides during your free review.
Programs & Requirements
Cash Out Refinance Minimum Credit Score by Loan Program
Here’s how the five main cash-out and cash-out-style refinance programs compare on minimum credit score, maximum loan-to-value, and what else lenders are looking at.
Up to 80% loan-to-value on a primary residence, lower for second homes and investment properties. Best rates of the group when your score and DTI line up.
USDA doesn’t offer a true cash-out option, but its Streamlined-Assist refinance can lower your rate and payment with no appraisal in many cases. Most lenders look for 550 depending on the file. If you need cash in hand, we’ll pair this with a review of FHA or Non-QM instead.
Bank statement, asset-based, or DSCR programs for self-employed borrowers or lower scores. Typically capped around 65–75% loan-to-value below 620.
Not sure where your score puts you? Call 888.958.5382 or apply online for a free review. We’ll pull your scenario together — credit, equity, income — and tell you which cash-out programs you actually qualify for, not just the ones that sound good.
Cash Out Refinance Minimum Credit Score — Turning Home Equity Into Cash
Beyond Your Score
What Else Affects Your Cash Out Refinance Besides Credit Score
The cash out refinance minimum credit score is only one piece of the puzzle. Here’s what else lenders weigh once your score clears the bar.
Equity and Loan-to-Value. The less you owe relative to your home’s value, the more cash you can typically pull out and the more programs open up to you. Most cash-out refinances cap out around 80% of your home’s value, with Non-QM and lower-score programs often capped lower, around 65–75%.
Debt-to-Income Ratio. Lenders look at your monthly debts compared to your income, including the new mortgage payment. A higher credit score can sometimes offset a higher DTI, and vice versa — this is why two borrowers with the same score can get different answers.
Seasoning on Your Current Mortgage. Most programs want you to have held title for at least six months before doing a cash-out refinance, though some Non-QM lenders are more flexible. If you bought recently, this can shape your timeline more than your credit score does.
Occupancy and Property Type. Cash-out terms are most favorable on a primary residence. Second homes, investment properties, condos, and multi-unit buildings often come with slightly higher score requirements or lower maximum loan-to-value, even when your credit is solid.
Our Process
How We Help You Get a Cash Out Refinance, Whatever Your Credit Score Is
As a mortgage broker working with multiple loan programs, we’re not locked into one bank’s cutoff. If your score doesn’t fit one program, there’s often another that fits better.
1
Free Review of Your Credit and Equity
We start with a quick conversation about your current mortgage balance, your home’s approximate value, and your credit picture. This tells us right away which cash-out programs are realistic for you.
2
Matching You to a Program That Fits Your Score
If Conventional is out of reach, we look at FHA, VA, or Non-QM cash-out options. We’d rather tell you the truth about where you stand than have you waste weeks chasing a loan you won’t get approved for.
3
Running the Numbers Both Ways
We’ll show you what your new payment and available cash look like at your current score, and whether a small credit improvement first could meaningfully change your rate or loan-to-value.
4
Pre-Approval Based on Your Real Numbers
Once we know your score, equity, and income documentation type, your pre-approval reflects an actual underwriting review — not a generic estimate that falls apart once the file gets to the lender.
5
Through Closing
From application to closing day, we manage the file, respond to any underwriting conditions, and keep you updated so you know exactly when your cash is available.
Understanding Cash-Out Refinancing: A cash-out refinance increases your loan balance and can affect your monthly payment and total interest paid over time, so it’s worth understanding the basics before you apply. For a consumer-friendly overview of how cash-out refinancing works, visit the Consumer Financial Protection Bureau. We’re happy to walk through how it applies to your specific situation.
Related Resources
Related Mortgage Pages
Want to dig deeper into a program, or compare credit score requirements across loan types? These pages cover the related topics.
Flexible refinance options with shorter waiting periods after a credit event.
What Clients Say
Real Reviews From Our Clients
Here’s what a few of our clients said about working with Mortgage-World.com.
★★★★★
“Chris Luis is the BEST mortgage broker on this planet! If you’re looking to buy a home, definitely give him a call. Chris will go above and beyond to try to help you!”
— Tanya W.
★★★★★
“I had an opportunity to work with Chris when I did my refinancing. I would highly recommend his services to anyone. He was efficient, helpful and very prompt in responding.”
— Aurora T.
★★★★★
“Julia Luis has been very professional and has been very helpful during the process! Anyone looking for someone to assist them in their future adventures needs to have her on your side! Thank you for being there for me!!”
Cash Out Refinance Minimum Credit Score — Frequently Asked Questions
What is the minimum credit score for a cash out refinance?
It depends on the program. Conventional cash-out refinances typically require at least 620, FHA and VA cash-out can work down to 500, and Non-QM cash-out programs — including bank statement and asset-based loans — can go as low as 600 depending on your equity and how much cash you’re looking to take out.
Can I get a cash out refinance with a 580 credit score?
Yes, in many cases. A 580 score can qualify for FHA or VA cash-out refinancing, and may also fit certain Non-QM programs. Conventional cash-out usually requires 620+ and Non-QM loans require 600+, so at 580 you’d likely be looking at FHA or VA depending on your situation and which one offers better terms.
Does my credit score affect how much cash I can take out?
Yes. A higher credit score can mean a higher maximum loan-to-value, which means more cash available from the same amount of equity. Borrowers below 620 often see lower maximum loan-to-value limits, especially on Non-QM programs, so the same home value may yield less cash at a lower score.
What’s the difference between FHA and Conventional cash-out credit score requirements?
Conventional cash-out refinances generally require a minimum score around 620 and can offer better pricing if your credit and debt-to-income ratio are strong. FHA cash-out refinances are more flexible on credit, often working down to 500, but come with mortgage insurance for the life of the loan in most cases.
Can I do a cash out refinance with bad credit through a Non-QM loan?
Often, yes. Non-QM cash-out programs are built for borrowers who don’t fit Conventional or FHA boxes, including scores as low as 600. These programs usually look closely at your equity position and may cap the loan-to-value lower than a Conventional or FHA loan would, but they keep cash-out refinancing on the table when other programs say no.
Find Out Which Cash Out Refinance Programs Match Your Credit Score — Free Review
Whether your score is well above 620 or closer to 500, we’ll tell you which cash-out refinance programs you qualify for, how much cash you could access, and what the numbers look like — before you apply. We work with multiple loan programs to find the option that fits.
Written By: Chris Luis — Broker/Owner, Mortgage-World.com — NMLS #1630225
I’ve been originating mortgage loans for over 20 years, since 2002. Mortgage-World.com has operated as a licensed mortgage broker since 2017, working across multiple loan programs — FHA, conventional, jumbo, and Non-QM. A 500 credit score closes fewer doors than most people think, and I’ll tell you straight which program fits.
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