Yes, if the principal balance at any time exceeds 50 percent of the fair market value of your home, as determined on the date the line of credit is established, you may not continue to request advances under the line of credit until the balance is less than 50 percent of the fair market value. A member’s initial draw from the line is not subject to this restriction provided the funds are advanced at time of loan closing (up to 80% LTV).
Annual Audit Notice As part of the Texans Credit Union annual audit, our auditor, Doeren Mayhew Associates, will be mailing account confirmation letters to a sample group of our membership in November. These letters will ask you to verify September 2024 month end balances on your accounts. Separate letters will be mailed for deposit accounts and loan accounts. All responses should be mailed directly to the auditing firm using the prepaid postage envelopes provided in the mailing.
