Posted on: 22nd Jul, 2008 09:32 am
Concerning A6 Texas law once a cash out always a cash out, for primary homesteads, is it true that if you own a 2nd home homestead or investment property this law does not apply?
Hello Terrence8617,
You are correct. The law does not apply to a 2nd home or investment property.
Please get more detailed information about the Texas A6 law here on the site at http://www.mortgagefit.com/texas/a6loan-law.html
Good luck.
You are correct. The law does not apply to a 2nd home or investment property.
Please get more detailed information about the Texas A6 law here on the site at http://www.mortgagefit.com/texas/a6loan-law.html
Good luck.
Hello Cliff Pape, I appreciate your reply. Today I had a conversation with a loan processor concerning A6 rules, and his position was that a lender would not recognize a 2nd home. Only one may be a primary residence and the other would be an investment property. Thanks agian Cliff Pape
hi terrence.
welcome of the forum.
cliff is right. it should be your primary residence. and if "the refinance of a loan which was created as a texas a6 home equity loan. once a home equity loan....always a home equity loan." and you cannot refinance a6 loan within the first 12 months.
best of luck,
larry
welcome of the forum.
cliff is right. it should be your primary residence. and if "the refinance of a loan which was created as a texas a6 home equity loan. once a home equity loan....always a home equity loan." and you cannot refinance a6 loan within the first 12 months.
best of luck,
larry