Two HELOC's on a otherwise paid off house. Is it possible?
Good Evening All!
I am looking for creative/low cost ways to fund a spec home and have a question about pulling equity out of my current residence.
I have a newly built homestead house that was just appraised at $260k. I am currently in the process of getting a HELOC for 50% of the value which seems to be the max amount Texas laws allow for a single cash out loan (or so Ive been told!)
My question is would it be possible to get another HELOC, or home equity loan, etc. for an additional 30%-40% possibly?
Thanks in advance to anyone that may be able to help!