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Texas refinance question 80% requirement?

I want to refinance my home at a a lower rate but do not have 80% equity in the home. I origianly had an 80/20 and the bank wants to pay off the first morgate only since they say the other mortgage would place this over 80%
I know that a line of credit or cash back at closing has a requirement that the amount cannot excede 80%, but what if I will pay all closing costs and do not want any cash back. Does the 80% rule still apply

There are conventional cash-back refinances that go up to 80% LTV and then there are FHA cash-back refinances at 85% LTV.

Line of Equities/Credit are still leins on the property, so combined, the new loan amount must be less than 80-85%

Depending on how much cash you have to close, you could definitely get em both done. Honestly, it’s pretty risky to still have a LOC nowadays with the future rates in limbo.

Texas Mortgage: What are today’s mortgage rates? No PMI home loans.

Tags: fha, home, mortgage, refinance

This entry was posted on Sunday, July 18th, 2010 at 1:52 pm and is filed under Mortgage Financing Resources. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.