I am looking for a small loan to finish some rehabbing on a house. I bought it and started the rehab all out of pocket. Now I have a person who wants to sign a lease. The are a few minor things that still need to be done and I am short on capital. I own the place free and clear and would like to take about 20 grand out of it. I am having a problem finding anyone who will do that small of an equity loan in Texas. Especially since my credit has suffered some casualties.Can anyone help?

If it will appraise for at least 40K long Beach may do it for you. They have only 6 month seasoning on NOO cash-outs and the credit dings will not preclude you from being approved, but the rate will be high.

Thanks for the reply. How do I reach them?

They are wholesale only so you have to use a broker.

Think that OptionOne does not have a NOO seasoning requirement… or maybe 3 months.

They have a retail side…

You can contact them direct. Would help you, but I do loans in FL…

BTW, you might have to bump up your loan to 25K or even 50K… the 20K might fall below min amounts.

Thanks, but that seems to be a staffing service.Am I missing something?

Here is their information:


Hope this helps.

Am I wrong, or does Texas require 12 months seasoning before a home owner can take cashout?

I was told on my previous primary that there had to be a one year vested interest before I could take cash out. But I have had this place for 16 mths.


Texas requires 12 month seasoning between cash-outs on owner-occupied cash-outs only. NOO has no comparable guideline.

Make sure you call the lender first. Although TX does not have restrictions on NOO, the lender can impose their own ltv limitation; and some do.

Fairly often, if you have a relationship with them already, your credit union can help you, and sometimes at a better rate than mortgage banks.

and then fix your credit. When you need to I will give you the free forms , no cost. Most credit repair charge $1500. Mine free of charge.