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lindahoover · Joined: 24 Jan 2010 Posts: 2 1.59 Dollars($)

My Texas home is valued at $250,000 with a payoff of $30,000. I want to buy a second home soley for my use in NM. Rather than using some of my funds that are generating good interest, I would like to refinance my Texas home at the $100,000 level and use the $70,000 as my down payment on the NM prooperty. Is this permissible?

smithsussane · Posted: Sun Jan 24, 2010 7:59 pm Post subject:

Hi lindahoover!

Welcome to forums!

It would be better if you could use your personal funds to pay the down payment for your second home. Normally, the borrower should not have any obligation to repay the amount to anyone which he/she uses as down payment. Thus, the lenders will want you to use your personal funds to pay it or someone can gift you the required money.

Feel free to ask if you've further queries.

Sussane

gmakerley · Posted: Mon Jan 25, 2010 9:00 am Post subject:

i know that texas has funny laws about refinancing. you may well want to discuss this with someone well-versed in texas mortgage law first. in theory, i don't disagree with your thoughts, and doing so may make quite a bit of sense, all things considered.

SSPINGARN · Posted: Tue Feb 09, 2010 12:59 pm Post subject:

i dont believe you can cash out in Texas

gmakerley · Posted: Tue Feb 09, 2010 1:19 pm Post subject:

that's my understanding as well, though i can't assert that.

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Can I refinance my primary home to acquire the down payment for a second home?