If you are wondering how you can qualify for a cash-out refinance, then the first thing you may want to do is obtain a free copy of your credit report. Once you have your credit report, take a look at what your credit score is. If you do not have a credit score that is at least above 620, then you may find it quite difficult to qualify for a cash-out refinance. If this is your situation, then you may want to take a few months to pay down debt, take care of any delinquent accounts, and continue to make your current debt payments on time to help improve your credit score to above that 620 threshold. If you already have a credit score above 620, then the next step is to make sure your debt-to-income ratio is below 43%. If not, then you may want to consider paying off some current debts or obtaining an additional source of income. The last criteria that you should make sure you can meet before applying for a cash-out refinance is that you want to make sure you have at least 15% or 20% equity in your home. The FHA may only require 15% equity for an FHA refinance option, however, many conventional lenders may want to see 20% equity or higher before considering someone for a cash-out refinance option. If you meet all three of these requirements, then you should not have much trouble finding a mortgage lender who is willing to work with you to help you obtain a cash-out refinance on your current home.