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Texas 50a6 loan

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Margarita Guest	Posted: Wed Dec 23, 2009 9:27 pm    Post subject: Texas 50a6 loan Like 0 Dislike 0 have you ever heard of this? This is what i was told by a lender. In regards to a Texas 50a6 loan. "I received an email from the Underwriter on Friday, however was awaiting their final decision on the loan. The appraiser stated that your property is deed restricted. Unfortunately we are not able to do cash out transactions on deed restricted properties. Cash out transactions are considered to be the term Texas 50a6 & deed restricted properties are not eligible when they are Texas 50a6. I apologize for the delays to get to this point, but the underwriter reviewed all possibilities of working around this restriction to try and get an approval. I am not sure if this is an industry guideline, but if you look to try and go to another lender, I would provide them a copy of your appraisal that was done, and make sure that they can do a Texas 5a6, cash out refi, with the property being deed restricted. Again, I apologize for the delays in getting to this point. Chris" _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Wed Dec 23, 2009 10:49 pm    Post subject: Like 0 Dislike 0 Hi Margarita, As far as I know, in case of a deed restriction, the limitations/constraints are placed within the deed and this controls the use of the property. These restrictions/limitations cannot generally be removed by new owners. As your present lender has suggested that you can look out for other lenders who may be working with such kind of deeds, you should go ahead and contact other lenders. This will help you know whether or not you can get a loan. This community also has a large number of lenders and you can seek no obligation free mortgage consultation from them. This may also help you in knowing whether or not you will qualify for a mortgage. _________________ Procrastination is the enemy of your financial success

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