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Guest

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: 3322 474.67 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 · Posted: Tue Apr 29, 2008 3:34 am Post subject:

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

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: 3322 474.67 Dollars($)

HI Eric,

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

Guest

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

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.

Guest

I understand the rule about the subject property being a primary home or "homestead". But what we have run into is a situation where the borrower has disclosed that the subject property is now an investment home but is still labeled as his "homestead" since it is the only home he owns. The title company will not close close this loan unless we call this an (a)(6) refi since the county still shows this as homestead, but it is NOT his primary. Has anyone encountered this?

jerry · Posted: Wed Oct 15, 2008 2:04 am Post subject:

Hi Dianne!

Your query has been answered by a community member in the given link. Please have a look:

http://www.mortgagefit.com/texas/a6loanrefi-homestead.html

Thanks,

Jerry

Guest

ok... so ... 2 years ago I got a conventional loan and paid off some debt from the equity of my house did not exceed 80% LTV ... I currently pay a 9% interest rate... I want to refinance to an FHA Fixed 30 year and I qualify for a 6% fixed rate... but Im being told I cant do that ... WHY!!?? I have good credit (700 mid fico) my DTI will be 29% ... and my LTV is 80% !!! what is the deal?? HELP!!??

jerry · Posted: Thu Nov 27, 2008 1:50 am Post subject:

Hi WHYME,

Did you ask the lender why he is not letting you refinance the mortgage? As far as I can understand, you should be able to refinance the mortgage.

I think you should consult some other lenders and check out what they have to say in this regard. It is not mandatory to refinance the loan from the original lender. You can also consult the lenders of this community and get a no-obligation free mortgage quote from them. Then you can compare the rates and select the best option.

Thanks,

Jerry

Guest

I want to make sure I am gathering and processing this information correctly. The law prevents more than one cash out (whether it be a refinance with a cash out or a home equity loan or line of credit) on a Texas primary property within 12 months and 1 day. If this is not correct please correct me.

smithsussane · Posted: Wed Dec 10, 2008 10:14 pm Post subject:

Hi Barbara!

Welcome to forums!

As far as I know, Texas refinance law states that if you have a home equity loan, it can only be refinanced with another home equity loan though you are not taking any more cash out of your home. Moreover a home equity loan cannot be refinanced within 12 months from the date of closing.

Feel free to ask if you have further queries.

Sussane

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Texas A6 law: Cash-out loan and other refinance options