Highest LTV Home Equity Alternative to NFCU 95%?

Anonymous
I am interested in finding other home equity loan options that are near or exceed 95%. So far I can only find navy federal credit union to have a 95% LTV, the rest all top out at 80%.

Any other places that will make a home equity loan for 95% LTV or higher?
Anonymous
Why would you want to take out a HELOC for 95% of your property's value?
Anonymous
I suspect OP is trying to refi, not taking cash out. I haven't found anything comparable to NFCU. I tried doing a 90 ltv through George Mason Mortgage, but the appraisal didn't come in high enough.
Anonymous
NASA and Transportation Fed C union. There are way to join both regardless of your employer. Transportation offers 100%.
Anonymous
Anonymous wrote:Why would you want to take out a HELOC for 95% of your property's value?


This is not the point of my question.
Anonymous
TD Bank will go to 90%.
Anonymous
Anonymous wrote:NASA and Transportation Fed C union. There are way to join both regardless of your employer. Transportation offers 100%.


I will say, as a member of NASA FCU, it's actually a really good CU. And here is one mortgage special:
https://www.nasafcu.com/mortgagespecial/
Anonymous
Pen fed will go 90. Bb&t will do single LoaN at 90 Ltv. Lafayette Fcu will do up to 100 CLTV depending on loan amount. Eagle will do 85.
Anonymous
Interesting - I'm not the OP, but we bought with 10% down on a VA Loan and used additional money to make internal updates. we didn't realize that a HELOC required higher LTV, and didn't want to wait to replace our roof (which we had been told needed to be replaced in the next year or 2 when we had it inspected), especially considering how crappy the weather has been in the past year. The ones that will do 90% or higher would be VERY helpful to us, so that we can clear the debt from our credit cards (we used 0% offers to pay until we could figure this out) without having to touch our savings, which we prefer to keep for a true emergency. Neither of us gets bonuses any more (OK, I got $500, but that covered some christmas stuff and that's it), so $10K is not all that easy to just pay out of monthly cashflow.
Anonymous
Anonymous wrote:Interesting - I'm not the OP, but we bought with 10% down on a VA Loan and used additional money to make internal updates. we didn't realize that a HELOC required higher LTV, and didn't want to wait to replace our roof (which we had been told needed to be replaced in the next year or 2 when we had it inspected), especially considering how crappy the weather has been in the past year. The ones that will do 90% or higher would be VERY helpful to us, so that we can clear the debt from our credit cards (we used 0% offers to pay until we could figure this out) without having to touch our savings, which we prefer to keep for a true emergency. Neither of us gets bonuses any more (OK, I got $500, but that covered some christmas stuff and that's it), so $10K is not all that easy to just pay out of monthly cashflow.


If you're only after 10K, I'm not sure a refi would necessarily be worth it to you, unless you are getting a much better rate. There are closing costs to any refi, and often the ones that let you do a very high ltv--like the Navy Fed product--require an additional funding fee, which I think works out to be 1.75% of the loan amount. It's worth it to us to refi, because our rate is dropping by a lot (we bought 6 years ago), but in your situation, might it be better to consider using some of the savings, and putting the rest on a low interest credit card?
Anonymous
so, wait - opening a line of credit is a refi? i'm confused.
Anonymous
I think I missed you were talking about a heloc; however, I'm not sure any of the high ltv products I've looked into will allow for cash out at those levels, and I don't think they are eligible for lines of credit either, but you should do your own research because I wasn't looking into that. You should call Navy FCU and ask about Homebuyer's Choice program.
Anonymous
Anonymous wrote:Interesting - I'm not the OP, but we bought with 10% down on a VA Loan and used additional money to make internal updates. we didn't realize that a HELOC required higher LTV, and didn't want to wait to replace our roof (which we had been told needed to be replaced in the next year or 2 when we had it inspected), especially considering how crappy the weather has been in the past year. The ones that will do 90% or higher would be VERY helpful to us, so that we can clear the debt from our credit cards (we used 0% offers to pay until we could figure this out) without having to touch our savings, which we prefer to keep for a true emergency. Neither of us gets bonuses any more (OK, I got $500, but that covered some christmas stuff and that's it), so $10K is not all that easy to just pay out of monthly cashflow.


You replaced a roof on credit cards and you still spent $500 on Christmas stuff? That's insane. You needed to cut back on Christmas spending and use some of that to bonus to pay off the CC debt.
Anonymous
um, we had to spend money on plane tickets to go visit my in-laws. It wasn't like we went on a wild spending spree for christmas. We actually DO have the money in savings, but I prefer not to have to take money out of savings if I don't have to. We already paid $5K out of pocket for the roof - prefer to pay the rest ($10K) off with a HELOC rather than savings, which might be needed for other things. Most people who get house repairs that big finance it that way.

We haven't taken a real vacation in several years because we don't have the extra cash for it. It also doesn't help that it costs $500 per ticket to go visit my in laws when it used to cost $200. But we really can't feasibly say no, we can't come - we just suck it up, buy the tickets and go once a year.

Look, if we come up to the fall when the first 0% offer expires and we can't get a HELOC, we'll pay off with the savings (as long as nothing else comes up) and hope for the best. Lots of people live with some level of debt. We have one car paid off, we have no student loan debt - we're not totally irresponsible.
Anonymous
It is always smart to pay for home repairs and improvements with home equity.
post reply Forum Index » Money and Finances
Message Quick Reply
Go to: