Posted on: 14th Aug, 2009 04:11 pm
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.
See this post
http://www.mortgagefit.com/texas/a6loan-law-1.html
It might help
http://www.mortgagefit.com/texas/a6loan-law-1.html
It might help
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.
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.
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.
we've become a den of thieves up here, i'm afraid.
could i have an equity loan after my home was refinance 5 months ago
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.
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.
Unfortunately Texas law prohibits "cash out equity" on FHA loans. I've tried this. Of course all other states let you do this but Texas is the exception to the rule.
Thanks for sharing your personal experience with us, Darla!! :)