Posted on: 12th May, 2008 01:13 pm
Does TX allow cashout on 2nd homes? My property is free & clear. Looking to obtain a 1st.
Please go into more detail?
I bought this property in December 2007 and paid cash for it. Now I would like to borrow money against the property to pay off some debts. Is there a requirement in Texas where you must have owned the property for at least 12 months in order to get a first mortage?
Welcome Bill.
I don't think there is any such requirement in Texas. One cannot refinance a Texas A6 loan if 12 months are not over. But regarding a loan against property when there's none taken earlier, there is no such criteria to be fulfilled.
Thanks.
I don't think there is any such requirement in Texas. One cannot refinance a Texas A6 loan if 12 months are not over. But regarding a loan against property when there's none taken earlier, there is no such criteria to be fulfilled.
Thanks.