A question about Texas HELOC rules

[Christopher Ward]

Hello, quick question. 

I was told the Texas HELOC loan amount will jump to 75% of your homes appraised value starting in 2018.

However I spoke with Wells Fargo yesterday and they're telling me it's still at 50%. 

Is there any way to get a HELOC in Texas for greater than 50% of your homes value?

Thank you, 

Chris 

[Andrew Postell]

@Christopher Ward while the law did change for us it doesn't force a bank to make their loans higher.  The bank still has the option of keeping their loan limit where it is.  And the bigger the bank, the more restrictions they have on their loans.  Try some small to mid-sized banks for better results with these products.

[Christopher Ward]

Originally posted by @Andrew Postell:

@Christopher Ward while the law did change for us it doesn't force a bank to make their loans higher.  The bank still has the option of keeping their loan limit where it is.  And the bigger the bank, the more restrictions they have on their loans.  Try some small to mid-sized banks for better results with these products.

 Thank you 

[Christopher Ward]

I found a credit union (EECU) That does 80% heloc loans without appraisal and no closing costs. They go off the county tax appraisal number. 

5 year draw period but the payments are interest only. Of course you can always pay down principal without prepayment penalties.