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natalie_edwards · Joined: 31 Jan 2008 Posts: 1 1.70 Dollars($)

is there any way to do a cash out refi onmy home if i took out a home equity loan in sept. i am in texas and my house was appraised at 170,000. i owe 50,000 on my house and only 35000 on a home equity loan thru my credit union. i know that the home equity can't be refinanced for 12 months. is it possible to refi my mortgage and get cash out. i'm trying to come up with money to give my child for a down payment on her home. thanks in advance!

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi edwards,

Welcome to the forum.

You got the HELOC on Sept but I think you can refinance on your first mortgage. You have gained fair amount of equity. So you should not have much problem to make cash out refinance.

Best of luck.
Larry

Posted: Thu Jan 31, 2008 2:29 pm Post subject:

You might also see if the county planning and development division has any grant money available to help them with that.

Usually it ends up being 0 interest with deferred payments and a lot of times it does not have to be paid back entirely.

Look into it.

greg1 · Posted: Thu Jan 31, 2008 2:30 pm Post subject:

Hey it said I was logged in but.... Owell.

Jessica · Posted: Fri Feb 01, 2008 12:21 am Post subject: RE: refinance first loan

Hi Natalie,

Considering your home value and the balances on the primary and home equity loans, you will be able to do a cash-out. In Texas, a cash-out refinance goes by the A6 Law and as the home value is far ahead of what you owe, there's no problem in refinancing. But I must say, it's a good gesture from your end to offer the extra cash as down payment for your child. Just make sure that you choose the right loan and can afford to pay it off.

Greg, perhaps there has been a session time out in your browser; so you've been logged out during the time you posted. Smile

Regards,

Jessica

ckalvesmaki · Posted: Fri Feb 01, 2008 7:43 am Post subject:

Jessica..I am going to disagree.....

Natalie.....what was the HELOC used for? If it was used to pay for home improvements then the second would not fall under the TX A6 laws.....if however it was used for something else.ie to pay other debts.......then it would be an A6 loan........and if it's an A6 loan........then you can't refi it in less than 12 months......and you can't do a cash out refi on the first because you can't have two A6 loans on the same property......so while LTV isn't an issue...the type of loan is.

Has your daughter tried to get a loan without a down payment? Do you have any info ie credit scores......income and purchase price?

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

Refinancing the first mortgage only should be an option for you. You can then take some cash out of the first mortgage to help with the down payment.

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cash out refi possible?