All Forum Posts by: Sunile Manjee

Thanks @Sammy G.  Your statement seems to directly contradict goamplify.com if I understood it correctly:

https://www.goamplify.com/blog/homerenovations/texas-home-equity-loan-guidelines.aspx

Home Equity Loan Application & Loan Guidelines

Some Texas laws regarding home equity loan procurement include:

• Restrictions on mortgage debt: Borrowers can't owe more than 80 percent of the market value of their home on their mortgage and home equity loans combined. That means if you already have a $40,000 mortgage against a home worth $80,000, the most you can borrow is $24,000. If your mortgage balance is $65,000, a home equity loan is ruled out because the balance exceeds 80 percent of market value. As equity rises, however, allowable loan amounts rise; the system especially works in your favor when the value of your home has significantly risen since your mortgage was issued.

 @Sammy G. Does that mean if I have 20% of equity in my home, I won't be able to get a HELOC?

I have 20% equity in my home in houston, tx. I would like to know if there is anyway to get HELOC on my home. I am reading conflicting results during my web search.