Loren Steffy: Lending credence to the 'Texas Miracle' Houston Chronicle
Gov. Rick Perry 's presidential bid hinges largely on the strength of the Texas economy, which, while far from miraculous in recent years, certainly shines against most other states.
Perry has told voters that as president he hopes to make government inconsequential, so he probably won't mention one of the key reasons that the Texas economy has held up so well: intrusive government.
Heavy-handed restrictions on the amount Texans can borrow against their homes were instrumental in shielding the state from the severity of the mortgage meltdown.
"There is no question that the home equity restrictions in Texas played a role during the boom years of mortgage finance," said David Frase , president of the Texas Mortgage Bankers Association .
In 1997, the Legislature decided to undo a 160-year-old prohibition on home equity lending, writing a constitutional amendment, which voters later approved, that contained unique restrictions to protect homeowners from getting overextended.
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Can you refinance 100% loan-to-value in Texas, and cash out on the equity for home improvements?
Meaning, we owe $99K, can we refinance for $125K?
(to Amanda: 100% loan to value means getting a loan for 100% of the home's value. Just because you owe on a home doesn't mean you owe 100% of what it's worth.)
EDIT: If you really want to get technical Amanda, there is no "a" before 100%. So, it's clarified just fine. You read it wrong. No, I didn't ask if you could refinance a loan that is 100% of the value of my home. Go back and read again.
Texas state law says that the only way you can do a 100% on the first refinance after the purchase but the only way to do that is if you still owe 100% of what the house is worth because you can't get cash out. If you wanted to do cash out you could but you would not be able to go above 80% loan to value due to Texas state law.
EDITED TO ADD:
And I know what 100% Lown to value is. You said, "Can you refinance a 100% loan to value...." Which means that you have a 100% LTV that you want to refinance. So perhaps you need to be more clear if you expect a correct answer.
Yes, you can refinance from 90K to 125K if the home is valued at 125K, but your interest rate may be higher due to the risk and you may end up with PMI, which you probably dont have now. Just some things to consider.
www.totaldebtsolutionsllc.com
Loan officers in our network do loans in Texas all the time.
cash loan refinance texas - News
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Post Properties Announces Fourth Quarter 2008 Earnings The Company expects to fund any notes tendered using available cash equivalents, proceeds from the mortgage loans described above and through borrowings |
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Fix this economic mess - AlaskaReport
AlaskaReportFix this economic mess Work with the borrower to devise a refinance for the homes they are qualified to keep or marketing strategy for the home they cannot afford.
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