Be very careful of what answers you get. The answer below is very misleading because there has to be several questions asked that are very important. One major question is to ask if you have used your home equity loan in the last 12 months. If so, it will fall under the cash-out guidelines. One would need to know if you currently have a FHA mortgage or a conventional mortgage, because each one has CLTV restrictions that are different. And FHA's guidelines are changing as of September 7th. One would need to go a step further to know if your home equity was used for repairs and or used when you bought your home. What the person below is stating is that you need to see if your bank will subordinate the home equity. And you will need someone to ask many important questions and not just a yes answer.
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