I need to get a loan for a home improvement. What is the best route?

Texas has some very specific laws regarding how much you can borrow against your home.. the best advice is to sit down with a LOCAL mortgage broker, and let him look at your complete scenario.... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

With today's low rates it's a good option to refinance you first mortgage and cash-out the equity needed. But be aware of the Texas A-1 cashout regulations for future home loans.

The best route is to use a loan officer that works and resides in the State of Texas due to the laws surrounding Home Equity Lending here in the State of Texas. Secondly, use a loan officer who has a high level of experience so you are provided the best options available to you based on your credit, capacity, and collateral. The best method is to have a detailed discussion with your loan officer so there is a clear understanding of your what it is your are trying to accomplish with a home improvement loan. I have been doing this business for 20 years and I am operating here in the Houston area. If you would like to talk with me I can be reached at 281-574-6325 Michael Williams @ Affiliated Bank.

We do a renovation loan that is not a home equity loan. It is for home improvements only. The rates are low! Call me if you are interested...210-491-2502.

A First mortgage cash out refinance is the best option at the moment. There are many other variables that can make equity loans favorable as well..

We do a renovation loan that allows you to do home improvements and refinance your existing mortgage. Rates are just like regular conventional rates. We loan you up to 90% of the "as completed" value (the value your house would be once the house is completed). My email is jennifer@salending.com (I am in San Antonio) and my number is 210-491-2502.

Check with a local lender, there are some very specific rules for cash out in Texas.

The best route is to call me and I will help you navigate the process quickly and efficiently! If you do a rehab/ renovation loan under a fannie mae program or the 203K under FHA you can go to a higher LTV and save the cash out for a rainy day. It looks like Quick close or Jennifer might be viable options as well from their posts. Also, it is called TX A6 for the cash out laws under SECTION 50(a)(6), ARTICLE XVI. I am not sure what Texas A-1 cashout regulations are (today lending) and I have lived here for 32 years and have been lending here for over 10. You have to stay below 80% if you want to do the true Texas Cash out loan. It only applies to your primary residence. If this is an investment property then we are lucky to get 75% for cash out on investment property. It would be my pleasure to be of service if you should choose to work together. Thank you for the opportunity and have a great day. Brad Cahoone - 972-724-3222x227 - bcahoone@globalhomefinance.com - http://globalhomefinance.com

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Contact a lender on this forum, who is in your state.

There can be a variety of ways that you can proceed for a home improvement, most of which will depend on the type of loan you presently have, the amount of equity you present have, and the amount of funds you need to borrower. Usually, if you are wanting only borrow $5000 to $10,000 sometimes it can be best to simply go to your bank. However if you are want to do some major remodelling, (i,e. need to borrower $20,000 or $30,000), then some of the loan types are FHA 203K (which is an FHA refinance with repairs included. This loan type has some quirks to it so you should make sure you hook up with a lender who knows the ropes on this one), Fannie Mae Homestyle (this is a Conventional refi that you can roll in a large amount of remodel expenses) and of course a home equity loan (where you borrower equity against you home and the bank merely gives you the cash to do with what you want). This type requires a maximum 80% LTV in Texas. I suggest you call a lender trained in home improvement loan types and discuss your specific needs and circumstances before you proceed.

FHA offers the 203K which allows for you to refinance and do a little "fix up" for a total value of up to 110% of the appraised value. This sometimes is a good choice for those with little to no equity.

There are a lot of different factors involved and you would be best served with sitting down with a reputable mortgage broker to discuss all your options based on your needs and property situation.

Call Jennifer or another local (Texas) lender that has replied. There are options for you! : )

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