Home arrow Mortgage Forums arrow Forums: Learn from other's experiences arrow

Texas cash out equity loans

Author Message
New

Guest







Post Posted: Fri Aug 14, 2009 4:11 pm    Post subject: Texas cash out equity loans
Like 0
Dislike 0

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.
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile sunnyca2009





Joined: 04 Aug 2009

Posts: 1731

35.55 Dollars($)
Post Posted: Fri Aug 14, 2009 7:48 pm    Post subject:
Like 0
Dislike 0

See this post

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

It might help
Icon Mini Profile jenkin7
jenkin7




Joined: 04 Jun 2007

Posts: 4537
Location: Hawaii
728.43 Dollars($)
Post Posted: Fri Aug 14, 2009 11:38 pm    Post subject:
Like 0
Dislike 0

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.
victorlsg

Guest







Post Posted: Mon Aug 17, 2009 9:40 am    Post subject: TX Home Equity Cash-Out Refinance
Like 0
Dislike 0

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).
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
Post Posted: Mon Aug 17, 2009 11:20 am    Post subject:
Like 0
Dislike 0

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.

_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
Guest









Post Posted: Wed Dec 09, 2009 8:06 pm    Post subject: home equity in texas
Like 0
Dislike 0

could i have an equity loan after my home was refinance 5 months ago
Icon Mini Profile riseabove





Joined: 09 Nov 2009

Posts: 277

11.01 Dollars($)
Post Posted: Wed Dec 09, 2009 8:16 pm    Post subject:
Like 0
Dislike 0

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.

_________________
Instant mortgage quotes available online
Low rate mortgage refinance
Latest Florida mortgage rates
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.077 seconds.