You're not missing anything: 80% loan-to-value is the ceiling for conventional and FHA cash-out refinances, with VA as the one real exception. The 90% and 100% cash-out products people remember disappeared after the mortgage meltdown. FHA was the last major program above the line, and it cut its cash-out maximum from 85% to 80% in 2019, owner-occupied only. Conventional cash-out through Fannie Mae or Freddie Mac tops out at 80% on a single-unit primary residence, and lower (typically 75%) on 2-4 unit, second-home, and investment properties. VA is the outlier: the VA program allows cash-out up to 100% of the home's value, including the funding fee, though individual lenders often cap it lower. There's also a pricing wall you'll feel before the ceiling. On conventional cash-out, pricing gets noticeably worse as loan-to-value climbs, so an 80% cash-out carries a meaningfully higher rate than one at 70%. Leaving a little more equity in the deal often buys a much better rate. If you need equity beyond 80% without VA eligibility, two paths exist. Some non-QM programs reach higher loan-to-values for borrowers with strong credit and reserves, at a higher rate. Or you keep your first mortgage in place and add a second mortgage or HELOC behind it for a higher combined loan-to-value, which is often cheaper than forcing everything into one high-LTV loan. Which one wins depends on your numbers, and mapping that out is a good use of the free Roadmap conversation.