Does anyone know about a6 laws on refinance in Texas?

Guest 0.10 Dollars($)

Is there a government cite I can show my complaince manager about this cash out law? She is in Boston. I am in CA. Client is in Dallas and wants to cash out on her home to less than 75% ltv. I just need a public government resource I can show her.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Norm,

Welcome to the forum.

In this community also there are lots of discussions on Texas A6 laws community members and lenders. You can this discussion to her at http://www.mortgagefit.com/texas/a6loan-law.html#23849

Best of luck,
Larry

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Norm.

You can find information on Texas a6 law the The Texas Constitution site. Go to Section 50 and check out (a)(6) and specially point (B) and (C) at http://tlo2.tlc.state.tx.us/txconst/sections/cn001600-005000.html

Guest 0.10 Dollars($)

I used to work for a Lender that would not do Cash out refi's in suburban areas of texas just urban and rural.

Is this a Lender requirement or Texas requirement?

Eric

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

HI Eric,

I don't think it is a state's requirement. It may be the lenders requirement.

Guest 0.10 Dollars($)

I refinanced my loan into an arm 3 yrs ago and now want to get a fixed loan. My credit score has fallen so that I cannot get a conv loan; but because I took cash out of the equity when I refinanced, I am being told I cannot get a govt. loan right now. Is that correct? I did not know anything about this Tx A6 loan.

jameshogg · Posted: Sat Aug 30, 2008 12:06 am Post subject: RE:

Hi Mikek,

Welcome to forums.

You need to check out the state laws. You cannot have more than 1 Texas A6 loan at a time and it cannot be done if the total financing you need is more than 80% of the home value. So probably you're getting denied because of a higher LTV. By the way, did you ask the lenders why you were being denied? it's very important because it may help you eliminate the cause of the loan denial.

Thanks

Guest 0.10 Dollars($)

When calculating the 3% fee restriction for Tx(A)(6) loans. Should I subtract the aggregate adj from the total impounds?

helping_user · Posted: Sat Sep 13, 2008 1:23 am Post subject:

I think you should talk to a lender offering Texas A6 loan regarding any calculation on the 3% fee restriction.

All times are GMT - 7 Hours
Previous 1 2
Page 2 of 2