90% LTV Cash-Out Refinance Lenders 2026: Extract Maximum Cash From Your Home (100% VA Option)
90% conventional · 85% FHA · 100% VA (no PMI) · Top 8 high-LTV lenders ranked · Get $138K+ cash
Debt consolidation · Home improvements · Investment cash · VA 100% LTV = best deal in America
💰 High-LTV Cash-Out 2026 — Quick Answer
VA cash-out refinance allows 100% LTV — the only loan that lets you take 100% of your equity as cash (5.25%, no PMI). Conventional maxes at 80% LTV (90% with select lenders + PMI). FHA allows 85% LTV (580+ credit). On a $500K home with $300K mortgage: 90% conventional = $138K cash. 100% VA = $188K cash. Use cash for debt consolidation (22% credit cards → 5.85% mortgage), home improvements, or investment. Get maximum cash-out →
📊 Max Cash-Out by Loan Type ($500K Home, $300K Mortgage)
| Loan Type | Max LTV | Max Loan | Cash to You | Rate | PMI |
|---|---|---|---|---|---|
| Conventional (standard) | 80% | $400,000 | $88,000 | 5.85% | No |
| Conventional (90% LTV) | 90% | $450,000 | $138,000 | 5.85% | Yes ($200/mo) |
| FHA Cash-Out | 85% | $425,000 | $113,000 | 5.90% | MIP required |
| VA Cash-Out (BEST) | 100% | $500,000 | $188,000 | 5.25% | NO PMI |
Closing costs (~3% = $12K-$15K) deducted from cash. VA 100% LTV is the clear winner — most cash, lowest rate, no PMI. Check VA 100% cash-out →
Top 8 High-LTV Cash-Out Refinance Lenders (July 2026)
| Lender | Best For | Rate | Max LTV | Min Credit |
|---|---|---|---|---|
| 🥇 Veterans United | 100% LTV VA (no PMI) | 5.25% | 100% | 620 |
| 🥈 Rocket Mortgage | 90% LTV conventional | 5.85% | 90% | 680 |
| 🥉 Freedom Mortgage | 85% LTV FHA | 5.90% | 85% | 580 |
| Navy Federal CU | 90% conv + 100% VA | 6.05% / 5.25% | 90% / 100% | 680 |
| LoanDepot | Self-employed 90% LTV | 6.15% | 90% | 680 |
| Better.com | $0 origination 90% LTV | 5.90% | 90% | 680 |
| Guild Mortgage | 85% FHA local offices | 6.00% | 85% | 580 |
| New American Funding | Bilingual 90% LTV | 5.95% | 90% | 680 |
VA 100% Cash-Out: The Best Deal in America
VA cash-out refinance is the ONLY loan in America that lets you take 100% of your home equity as cash — with no PMI and the lowest rate (5.25%).
VA 100% Cash-Out Benefits
- • 100% LTV — take ALL your equity as cash
- • 5.25% rate (lowest of any cash-out option)
- • No PMI ever — saves $200-$400/month
- • 620+ credit (lower than conventional 90%)
- • Can pay off non-VA second mortgages
- • Can convert FHA/conventional to VA
Real Example: $500K Home
- • Home value: $500,000
- • Current mortgage: $300,000
- • Equity: $200,000
- • VA 100% LTV loan: $500,000
- • Cash to you: $188,000 (after $12K closing)
- • Rate: 5.25% (no PMI)
- • Monthly: $2,762 (P&I only)
Underwater? Refinance Options When You Owe More Than Home Value
If your mortgage is higher than your home value (underwater), standard cash-out refinance won't work. But these programs can help:
Fannie Mae High LTV Refinance (HLRO)
Refinance up to 97.75% LTV even if underwater. Must have existing Fannie Mae loan. Rate-and-term only (no cash-out). Lowers your payment.
FHA Streamline Refinance
No appraisal required — can refinance even if underwater. Must have existing FHA loan. Rate-and-term only. 580+ credit. Minimal documentation.
VA IRRRL (Interest Rate Reduction Refinance Loan)
No appraisal for existing VA loans. Can refinance even underwater. Rate-and-term only. 5.25% rate. No income verification required in some cases.
Note: These are rate-and-term only, NOT cash-out. If you need cash and are underwater, consider a HELOC (if you have some equity) or wait for home values to appreciate. Check HELOC options →
90% Cash-Out Refinance vs HELOC: Which Is Better?
| Factor | 90% Cash-Out Refi | HELOC |
|---|---|---|
| Max LTV | 90% (conv) / 100% (VA) | 85% |
| Rate Type | Fixed (5.85%) | Variable (7.25-8%) |
| Closing Costs | 2-3% of loan | $0-$500 |
| Replaces 1st Mortgage | Yes | No (2nd lien) |
| Best For | Large cash need + rate >6% | Small/ongoing cash needs |
| Risk | Higher (less equity cushion) | Variable rate can rise |
Rule of thumb: If your current mortgage is above 6% → cash-out refinance (you lower your rate AND get cash). If your mortgage is below 4% → HELOC (keep your low rate, borrow against equity separately). Compare both options →
Extract Maximum Cash From Your Home — Compare 8 Lenders
90% conventional, 85% FHA, 100% VA. Get $138K-$188K cash. Soft pull only — no SSN needed. 2 minutes.
High-LTV Cash-Out Refinance FAQs 2026
Which lenders offer 90% LTV cash-out refinance in 2026?
Top 90% LTV cash-out refinance lenders 2026: (1) Rocket Mortgage — 90% LTV conventional, 5.85% rate, 21-day close. (2) Freedom Mortgage — 90% LTV FHA, 5.90%, 580 credit. (3) Veterans United — 100% LTV VA cash-out, 5.25%, $0 down equity. (4) Navy Federal — 90% LTV conventional, 6.05%, military members. (5) LoanDepot — 90% LTV, self-employed specialist. (6) Better.com — 90% LTV, $0 origination. Most conventional lenders cap at 80% LTV. FHA allows 85% LTV. VA allows 100% LTV. Compare 90% LTV Lenders →
Can I get a 100% VA cash-out refinance?
Yes! VA cash-out refinance allows up to 100% LTV — the ONLY loan type that lets you take 100% of your equity as cash. On a $500K home with $400K mortgage, you can refinance the full $400K AND take $100K cash = $500K total loan = 100% LTV. Rate: 5.25%. No PMI ever. 620+ credit. Veterans United and Navy Federal are the top 100% VA cash-out lenders. Check 100% VA Cash-Out →
What is the maximum cash-out refinance LTV for conventional loans?
Conventional cash-out refinance max LTV: 80% for standard conventional. Some lenders (Rocket, Better.com) offer 90% LTV conventional with PMI. Fannie Mae HomeReady: 95% LTV for purchase, but cash-out capped at 80%. Freddie Mac Home Possible: same 80% cash-out cap. For LTV above 80% conventional, you need PMI (adds $100-$400/month). FHA cash-out: 85% LTV max. VA cash-out: 100% LTV max (no PMI). Find High-LTV Lenders →
Can I refinance my first mortgage if I am underwater?
If you are underwater (mortgage > home value), options: (1) Fannie Mae High LTV Refinance (HLRO) — refinance up to 97.75% LTV even if underwater, must have existing Fannie Mae loan. (2) Freddie Mac Enhanced Relief Refinance — same for Freddie loans. (3) FHA Streamline — no appraisal required, can refinance even underwater (must have existing FHA loan). (4) VA IRRRL — no appraisal for existing VA loans. (5) HARP replacement programs. Note: these are rate-and-term only, NOT cash-out. Check Underwater Refi Options →
How much cash can I get from a 90% LTV cash-out refinance?
Formula: (Home Value × 90%) - Current Mortgage Balance - Closing Costs = Cash to You. Example: $500K home, $300K mortgage, $12K closing = ($450,000 - $300,000 - $12,000) = $138,000 cash. On a $600K home with $350K mortgage: ($540,000 - $350,000 - $14,000) = $176,000 cash. VA 100% LTV: ($500,000 - $300,000 - $12,000) = $188,000 cash. Calculate Your Cash-Out →
What credit score do I need for a 90% LTV cash-out refinance?
Credit score requirements for high-LTV cash-out: Conventional 90% LTV: 680+ (Rocket, Better.com). FHA 85% LTV: 580+ (Freedom, Guild). VA 100% LTV: 620+ (Veterans United, Navy Federal). Best rates: 740+. Higher LTV = stricter credit requirements. DTI must be ≤45% for conventional 90% LTV, ≤50% for FHA, ≤43% for VA. Check Your Credit Eligibility →
Is a 90% LTV cash-out refinance worth it in 2026?
It depends on your goal. If you need cash for debt consolidation (credit cards at 22% → refi at 5.85%), home improvements, or investment — yes. Warning: at 90% LTV you have only 10% equity cushion. If home prices drop 10%, you are underwater. PMI on conventional 90% LTV adds $150-$400/month. VA 100% cash-out is the best deal — no PMI, 5.25% rate. Always compare: cash-out refi vs HELOC vs home equity loan. Compare Cash-Out Options →
Related Cash-Out & Equity Guides
Best Cash-Out Refinance Lenders 2026
Full ranking of all cash-out lenders — all LTV levels
100% VA Cash-Out Refinance Lenders
Full guide to VA 100% LTV cash-out — top 10 lenders
Best HELOC Lenders 2026
Compare HELOC vs cash-out — which saves more?
Cash-Out Refinance Calculator
Calculate exactly how much cash you can extract
Ready to Tap Your Maximum Home Equity?
90% conventional, 85% FHA, 100% VA. Top 8 high-LTV lenders. Get $138K+ cash. 2 minutes, no obligation.
Meet David
Refinance & Rate Specialist
David Rodriguez is a seasoned refinancing expert with over 10 years of experience in mortgage rate analysis and market trend forecasting. As a Certified Rate Lock Specialist, he has saved homeowners millions in interest payments through strategic refinancing timing. His expertise in Federal Reserve policy impact and mortgage-backed securities makes him a go-to expert for rate predictions and refinancing strategies.
EXPERTISE:
KEY ACHIEVEMENT:
Saved clients $50M+ in interest payments