Posted on: 23rd Dec, 2009 08:27 pm
have you ever heard of this? This is what i was told by a lender. In regards to a Texas 50a6 loan.
"I received an email from the Underwriter on Friday, however was awaiting their final decision on the loan. The appraiser stated that your property is deed restricted. Unfortunately we are not able to do cash out transactions on deed restricted properties. Cash out transactions are considered to be the term Texas 50a6 & deed restricted properties are not eligible when they are Texas 50a6. I apologize for the delays to get to this point, but the underwriter reviewed all possibilities of working around this restriction to try and get an approval. I am not sure if this is an industry guideline, but if you look to try and go to another lender, I would provide them a copy of your appraisal that was done, and make sure that they can do a Texas 5a6, cash out refi, with the property being deed restricted.
Again, I apologize for the delays in getting to this point.
Chris"
"I received an email from the Underwriter on Friday, however was awaiting their final decision on the loan. The appraiser stated that your property is deed restricted. Unfortunately we are not able to do cash out transactions on deed restricted properties. Cash out transactions are considered to be the term Texas 50a6 & deed restricted properties are not eligible when they are Texas 50a6. I apologize for the delays to get to this point, but the underwriter reviewed all possibilities of working around this restriction to try and get an approval. I am not sure if this is an industry guideline, but if you look to try and go to another lender, I would provide them a copy of your appraisal that was done, and make sure that they can do a Texas 5a6, cash out refi, with the property being deed restricted.
Again, I apologize for the delays in getting to this point.
Chris"