This will be the case until the home is sold or conveyed to a different party removing this restriction. Until then, the maximum allowable loan-to-value is 80.
So if you are in the process of refinancing your current loan please remind your HomeStart Loan officer if you had previously performed a cash-out or home-equity loan against your home. What is the maximum loan to value on a cashout loan. In the state of Bright house cash loans cash-out and home-equity loans for homestead properties are restricted by the Texas Constitution (see section 50 (a) (6) article XVI).
This article restricts cash-out loans to a maximum loan-to-value (LTV) of 80. In other words, if your home is worth 100k the maximum allowed loan on the home would be 80k.
If the home is not designated as a homestead or primary home, the maximum loan-to-value is usually 90. Of course, the above is subject to approval.
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