Posted on: 21st Apr, 2010 02:30 pm
i hope i am in the right place to ask this but if not let me know. basically, i am working with a lender and everything was fine until they came up with some rule that may not let us refinance. i have a first mortgage from when i purchased the home. i then took out a 2nd mortgage two years later. now i was told that i would be able to refinance my first mortgage as rate/term and subornindate the second. the only problem is that the lender i am working with says they can not do the loan now becasue the cltv is 87% but the mortgage we are refinancing is for only 67% of the value of my home. is this a real reason that they can not do my loan or another excuse to get away from it??
any thought would be appreciated, thank you
any thought would be appreciated, thank you
No one has an answer to this??? Any idea here...I am just lost. Thanks
It has to do with the cash out laws in Texas. Once you do a cash out, every transaction after that is considered a cash out and that means you have to qualify under the cash out guidelines which is going to limit you to an 80% LTC/CLTV.