Posted on: 21st Jul, 2008 07:53 pm
my wife has a line of credit in her name only. when we tried to refinance and get a construction loan, to make improvements, in my name. two days before closing the bank called to inform us that we could not close due to texas law "once cash out always a cash out". my middle score is 651. we needed 680 to qualify as investors and avoid the cash out rules. after 60 days of preparing to close, we are stuck. need advice on other possible options.
Welcome TAYUNCE.
How long have you taken the loan? You cannot refinance within the first 12 months after taking the loan. I feel you should improve your credit and take it to 680 score. You can get information about Texas A6 at http://www.mortgagefit.com/texas/a6loan-law.html#23849
How long have you taken the loan? You cannot refinance within the first 12 months after taking the loan. I feel you should improve your credit and take it to 680 score. You can get information about Texas A6 at http://www.mortgagefit.com/texas/a6loan-law.html#23849
Thanks for your reply, In two months, the line of credit will be two years old. I understand the 1 cash out per 12 months rule;However, as the loan officer explains there is another law that prohibits us from replacing a cash out loan with a construction loan. "once a cash out always a cash out. Please help us to understand?
Mr. Jacey please disregard the last post, after reading your attached A6 link this information is quite clear and very helpful. Thank you very much!
Hi terrence.
I have answered your question at http://www.mortgagefit.com/texas/cashout-a6law.html#56069
You can have a look at it and feel free to ask if you have any further questions.
Best of luck,
Larry
I have answered your question at http://www.mortgagefit.com/texas/cashout-a6law.html#56069
You can have a look at it and feel free to ask if you have any further questions.
Best of luck,
Larry
I bought a house last year in Texas and paid it off. I borrowed the money
from a parent on a note. I had a house for sale in another state which
is paid for. It is for sale and I owe nothing on it. I now need to pay part
of the loan back. I have a mortgage company said we qualify for a cashout
Credit is great etc. I had our house appraise in Texas and there was
a goof up by the appraiser stating that we had well water but we actually have public. Now the underwriter will not touch the loan. He said it has to be urban not rual. We are urban. What do we need to to?
from a parent on a note. I had a house for sale in another state which
is paid for. It is for sale and I owe nothing on it. I now need to pay part
of the loan back. I have a mortgage company said we qualify for a cashout
Credit is great etc. I had our house appraise in Texas and there was
a goof up by the appraiser stating that we had well water but we actually have public. Now the underwriter will not touch the loan. He said it has to be urban not rual. We are urban. What do we need to to?