Getting cash out of your home is about to get harder if you have an FHA mortgage
Share Now on:
An increasing number of Americans have been using their homes like ATMs, taking advantage of low interest rates and increasing home values to refinance and cash out equity in their homes. According to the Federal Housing Administration, the number of borrowers doing so has more than tripled in recent years. The FHA worries that if housing prices fall, that could leave homeowners with no equity or even put them “underwater.” So the agency is tightening restrictions on “cash-out” refinancing.
Click the audio player above to hear the full story.
If you’re a member of your local public radio station, we thank you — because your support helps those stations keep programs like Marketplace on the air. But for Marketplace to continue to grow, we need additional investment from those who care most about what we do: superfans like you.
Your donation — as little as $5 — helps us create more content that matters to you and your community, and to reach more people where they are – whether that’s radio, podcasts or online.
When you contribute directly to Marketplace, you become a partner in that mission: someone who understands that when we all get smarter, everybody wins.