- NEW CONSTRUCTION
- HOME EQUITY
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Ask us about Down Payment Assistance for first time homebuyers!!!
Our goal is to provide the highest level of service and competitive rates. Our Loan Officers are only a phone call away if you need help. Contact us at 830-778-2528
First Time Homebuyer Course https://readynest.com/
FHA/HUD Information https://www.hud.gov/program_offices/housing/fhahistory
Veterans Affairs https://www.benefits.va.gov/homeloans/
HUD: Buying a Home Tips https://www.hud.gov/topics/buying_a_home
Home Equity Lending in Texas https://texreg.sos.state.tx.us/public/readtac$ext.ViewTACtac_view=4&ti=7&pt=8&ch=153&rl=Y
FAQ’s on Home Equity Loans
Home Equity Information can also be found in Article 16 Section 50 of the Texas Constitution or on the Texas Finance Commission website.
Question: How many home equity loans can I have?
Answer:: A consumer can only have one home equity loan at a time.
Question: How much can I borrow?
Answer:Texans can borrow up to 80% of the value of their home.
Question: Can I refinance my home equity and when?
Answer:Yes. A home equity can be refinanced; however, it can be refinanced no more than once every 12 months and no earlier than one year after the closing of the original loan or a refinance. The terms of a home equity loan may be modified at any time.
Question: How much can I borrow on a home equity line of credit (HELOC)?
Answer:Texans may establish a line of credit of up to 80% of the value of their home.
Question: Are there limitations on the draws on a HELOC?
- The minimum amount that a consumer may draw at any one time is $4,000.
- Draws are not allowed whenever the outstanding principal balance of the loan exceeds 50% of the value of the value of the home (i.e., the value of the home at the time the loan was made).
- If the outstanding principal balance of a HELOC ever exceeds 50% of the value of the home (i.e., the value of the home at the time the loan was made), the consumer may pay the balance down to 50% or less of the value of the home and then make draws.
- Draws are not permitted through credit card, debit card, or preprinted solicitation checks.