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

by ktxwilkins from Conroe, Texas. Mar 14th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

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

Mar 14th 2013
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Chris Davenport (todaylending)
#20 ranked lender in Oklahoma - 36 contributions

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.

Mar 14th 2013
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What if I don't have much equity can I get a loan for the projected value?

Mar 14th 2013
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Michael Williams (quikclose)
#147 ranked lender in Texas - 1 contribution

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.

Mar 14th 2013
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Jennifer Guidry (JenniferG)
#136 ranked lender in Texas - 4 contributions

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.

Mar 14th 2013
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Jason Robinson (CFIsupport)
#58 ranked lender in Georgia - 106 contributions

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..

Mar 14th 2013
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Jennifer Guidry (JenniferG)
#136 ranked lender in Texas - 4 contributions

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.

Mar 14th 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

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

Mar 14th 2013
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Brad Cahoone (info@globalhomefinance.com)
#89 ranked lender in Texas - 1,042 contributions

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

Mar 14th 2013
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Margie Fisher (mfisher)
#12 ranked lender in Texas - 12 contributions

Enter your answer here

Mar 14th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

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

Mar 14th 2013
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Margie Fisher (mfisher)
#12 ranked lender in Texas - 12 contributions

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.

Mar 14th 2013
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Margie Fisher (mfisher)
#12 ranked lender in Texas - 12 contributions

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.

Mar 14th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

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.

Mar 14th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 400 contributions

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

Mar 14th 2013
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Jul 25th 2014
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Hello i am Mrs Thea Daniel from Ohio USA,i saw your question on how you need a loan so i will advice you to contact Alhaji Abu Isa global loan firm because i got a loan of $200,000 from them two weeks ago and their ways was very easy no credit check,no cosigner,no collateral and their interest rate is just 4% so you can contact them via their email,abuisaloanfirm40@yahoo.com

Jul 25th 2014
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Hello i am Mrs Grace Nathan from Ohio USA,when i need a loan of $200,000 i got it from Musa loan firm and their ways was very easy no credit check,no cosigner,no collateral and their interest rate is just 4% so i will advice you to contact them via their email,musaloanfirm41@yahoo.com

Jul 25th 2014
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Oct 10th 2014
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