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Are FHA cash out equity loans allowed in tx? I am trying to do a cash out refi to clear out debt, and I was told by my current lender that it would be FHA Loan and I would be paying a funding fee which will bw added to the loan.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

See this post

http://www.mortgagefit.com/texas/a6loan-law-1.html

It might help

jenkin7 · Posted: Fri Aug 14, 2009 11:38 pm Post subject:

Hi New,

I don't think you'll have any problem in getting an FHA cash-out equity loan. There's no Texas law that does not allow you to get an FHA cash-out loan. As long as there's enough equity in the home and you qualify for the loan, there should not be any problem for you.

As far as the funding fee is concerned, you need to pay it if the LTV ratio is more than 80%. The current upfront funding fee is charged @ 1.75% of the loan amount.

Guest

No, Texas does not allow for FHA TX Home Equity Cash-Out Refinances. Purchase & Rate/term refinance only w/ FHA product. Conventional financing is the only program available for TX Home Equity Cash-out refiancing & is limited to 80%ltv (loan-to-value).

gmakerley · Posted: Mon Aug 17, 2009 11:20 am Post subject:

i wish i could call someone's bluff. it is astonishing to me to see all the new folk who appear and suddenly show alarming "expertise" after leaving 4 or 5 posts. most of these "expert opinions" - which are almost universally stated as fact - are simply verifications of what they read someone say. as in, "you can do this" followed by "yes, you can do this."

we've become a den of thieves up here, i'm afraid.

Posted: Wed Dec 09, 2009 8:06 pm Post subject: home equity in texas

could i have an equity loan after my home was refinance 5 months ago

riseabove · Joined: 09 Nov 2009 Posts: 277 11.01 Dollars($)

At the risk to attract attention for the circling gmakerley shark, it is possible that you could get an equity loan, depending on the circumstances of your recent refinance.

Equity Loans are all about releasing the built up equity in your home - the difference between what it's worth and what is owed on it. If you have sufficient equity in the home, and meet some other lending criteria, then yes you can probably get an equity loan - there are plenty of places you can get a quote for one online quickly and easily.

that said if you refinanced because you needed to drop your repayments, then the answer is probably no, as you will most likely not meet the income criteria.

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