In other words if your home was worth $100,000 – the most cash you could get out on a loan would be $80,000.
This 80% rule is a Texas law for homeowners in Texas.
…However, there is one loan that will allow you to get more than 80% of your cash out. It’s called an Owelty loan.
You can get an Owelty loan when you are getting a divorce, and one of the conditions of your divorce is that you have to pay your ex a portion of the equity in your home (even if it exceeds 80%).
I’ve done many Owelty loans. We treat them as a regular rate and term refinance (not cash out rates – which are higher).
So, if you are in this situation, or you know someone who is – and your loan officer has told you that you don’t have enough equity to cash out the ex-spouse, just tell them that you need an Owelty loan.
…or, better yet – just give me a call and I can help you!
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
Texas renters are spending more than 30% of their incomes on rent. It can be…
If you are looking for a home in the outer suburbs or in a rural…
If you have credit card debt it’s smart to consider a consolidation loan. If you…
I wanted to let you know we have a 2% to 5% downpayment and closing…
Do you have investment property, and would like to pull cash out of your property?…
Texas renters are spending more than 30% of their incomes on rent. It can be…
