Most Florida homeowners have more accessible equity than they realize. Here is exactly how lenders calculate your maximum cash-out amount — and how to find out your real number for free.
The amount you can cash out is determined by one straightforward calculation — your home’s appraised value, your maximum allowed loan-to-value (LTV), and your existing mortgage balance.
Maximum Cash-Out = (Appraised Value × Max LTV) − Current Mortgage Balance
Most conventional programs: Max LTV = 80% | FHA: 80% | VA: Up to 90–100% for eligible veterans | Non-QM: 70–80%
Real Florida Examples
Home Value
Max LTV
Max Loan
Current Balance
Max Cash-Out
$350,000
80%
$280,000
$190,000
$90,000
$500,000
80%
$400,000
$280,000
$120,000
$650,000
80%
$520,000
$300,000
$220,000
$800,000
75% (Non-QM)
$600,000
$380,000
$220,000
Illustrative examples only. Actual amounts require appraisal, credit review, and lender qualification.
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Appraised Value: An independent appraiser determines your home’s current market value. The higher the appraised value, the more you can access. Florida markets have seen significant appreciation, which means many homeowners are sitting on more equity than they expect.
Loan-to-Value Cap (LTV): Each loan program sets a maximum LTV. Conventional: 80%. FHA: 80%. VA: up to 90–100% for eligible veterans. Non-QM: 70–80% depending on the program and documentation type.
Current Mortgage Balance: Your existing loan balance is subtracted from the maximum loan amount. The result is your maximum cash-out proceeds.
Credit Score: A higher credit score unlocks better LTV options and lower rates. Borrowers with 720+ scores typically access the highest available LTV. Scores between 620–679 may qualify for lower LTV limits.
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How much can I cash out in a refinance in Florida?
Most programs allow up to 80% LTV. On a $500,000 home with a $280,000 balance, the maximum cash-out is $120,000 (80% × $500,000 = $400,000 − $280,000). Non-QM programs for investors and non-traditional borrowers may allow 70–75% LTV.
What is LTV and how does it affect my cash-out amount?
LTV (loan-to-value) is your total loan amount divided by your home’s appraised value. An 80% LTV cap means your new mortgage (existing balance plus cash) cannot exceed 80% of the appraised value. A lower existing balance means more cash available within the same LTV cap.
Does my home need to be appraised before a cash-out refinance?
Yes. Most programs require an independent appraisal. The appraised value determines your maximum loan and cash-out amount. Some lenders may offer desk appraisals for properties with strong equity, but a full appraisal is standard.
How does my credit score affect how much I can cash out?
Higher credit scores unlock higher LTV options and better rates. Scores of 720+ typically qualify for the maximum available LTV. Scores between 620–679 may qualify for lower LTV caps, reducing the available cash-out amount.
Is there a minimum equity I must keep after a cash-out refinance?
Yes. Most programs require at least 20% remaining equity after the refinance (80% LTV max). This protects both the lender and borrower against market fluctuations. Some non-QM programs allow up to 85% LTV in specific situations.
Can veterans cash out more than 80% in Florida?
Yes. VA cash-out refinances for eligible veterans may allow up to 90–100% LTV in certain situations, making the VA cash-out program one of the most powerful equity-access tools available. Jhenesis Mortgage is UWM VA-certified and can walk eligible veterans through their options.
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