What % Of Home Value Can I Get A Home Equity Line For?

What are the percentages they are lending to for a home equity line of credit nowadays?

Comments(5)

  • apexnotes27th July, 2008

    About 80. At least BAnk of America was a month ago.

  • cjmazur28th July, 2008

    and the lender.

    Pentagon Fed. C/U would allow high LTVs and not chrush you on interest.

  • povrtsux28th July, 2008

    Anybody doing HE on stated income?
    Thanks![ Edited by povrtsux on Date 07/28/2008 ]

  • BGilRico29th July, 2008

    Typically 80%. Like CJ mentioned, credit unions are you best best right now and will give you a high LTV.


    Brandon

  • ypochris1st August, 2008

    80% is typical, but I have seen up to 90% with a substantially higher interest rate. Also, as Bargain says, the percentage they will lend goes down with your credit score- typically only 75% below 720, etc.

    More important is what the "equity" being lent against is calculated by. My credit union does 90% but the "value" of the home is based on the assessed value- by law (here) half of the FMV of the property. But the rate is great... Other lenders base the "value" on an appraisal, or on twice the assessed value.

    Essentially what I am saying is that what the value of your property is determined by is more important than the percentage of that value a lender is willing to lend against it. If it will appraise for more than twice the assessed vale, 80% of the appraisal may be more than 90% of the "FMV" based on the assessment. But if the assessment is high due to a declining market, then use a lender that lends based on the assessed value (before appealing the assessment!).

    Chris
    [ Edited by ypochris on Date 08/01/2008 ]

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