Home Equity and Raw Land Loan Information.
Home Equity Loan Rates
- $10,000.00 to a maximum of $50,000.00
- 80% of Short form written estimate of value or
Certified Appraised Value or current year tax appraisal statement *
- See KBR rates page for current rates
* Collateral is negotiable and must be evaluated and approved by a Loan Officer.
The locations of the home must be within a 100 mile radius of Houston. The borrower must own and use as his/her principal dwelling the home securing this loan. The maximum amount of land to be included with the dwelling (homestead) is ten (10) acres of land which must be contiguous, together with the improvements thereon. This loan can be for any purpose except business loan. A $100.00 a month minimum payment is required. The borrower is responsible for costs related to the closing of the loan not to exceed 3% of the loan amount. However, some costs are excluded from this 3% cap. A certified appraisal may be required.
It is required to include the following items when submitting your home equity loan application:
- A current year Tax Appraisal statement.
- A copy of a recent first mortgage statement showing the balance of the loan.
- A copy of the Warranty deed or Deed of Trust which gives the legal description of the property and the names of all owners.
- A copy of the homeowner's insurance policy showing adequate coverage for the first and second mortgage.
Raw Land Rates
See KBR rates page for current rates
- Raw land property other than "homestead" anywhere in Texas.
- Applicant is responsible for all costs such as attorney's fees, title insurance policy, certified appraisal, survey, and filing fees. Processing time is a minimum of 1 week.
- Financing for up to 80% of Certified Appraised value from $10,000.00 to $50,000.00.