To qualify for a homeowner loan you need to be a homeowner or hold some equity in a property. This is because a homeowner loan is a loan that is secured against your property, so you need to have one for you to be able to use it as collateral. For people who do not have any property, secured loans can be taken out against other assets.
If you still have a mortgage that you are paying off you can still get a homeowner loan against the equity you have in the property. For example, if you have been paying your mortgage for 10 years, then you will own a percentage of the property that you can use to get a homeowner’s loan.
The amount you can get on your homeowner loan depends on various different aspects. This includes the amount of property you own, as you must own enough to cover your loan, and your credit history.