Okay, we have talked to two different lenders and got two different answers. I think I may have misunderstood them....
What is the maximum % you can borrow with a HELOC in Texas. Let's say the house is worth $100,000 and it is COMPLETELY paid for. Best case/ credit scores etc. scenario...Shouldn't we be able to borrow 80%, which is $80,000? The chic at Bank of America said the limit in Texas is 50%, but the guy at the other place said it was 80%. I'm confused!
2007-10-08 19:31:26 · 2 answers · asked by ladybug 4 in Business & Finance ➔ Credit
I'm aware that different institutions have their own regulations, but each person said that "that is the limit in Texas" as they were giving us the numbers.
2007-10-08 19:39:29 · update #1
I looked at a couple different websites for credit unions in Texas, and it appears that Texas law for HELOCs says you may borrow up to 80% of home’s value minus existing mortgages, but the limit is 50% of the appraised value. Also, each withdrawal from the HELOC must be for a minimum of $4,000.
2007-10-08 23:39:31 · answer #1 · answered by likepepsi 7 · 0⤊ 0⤋
Different lenders can have different policies. It isn't a matter of law, it's a matter of their policy.
2007-10-08 19:36:49 · answer #2 · answered by Judy 7 · 0⤊ 0⤋