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

Guest

What if I am trying to refinance thru a VA loan, I talked to them and they said I could, however the state of Texas says I can't, is there any way to get around what the state says.

Niicss · Posted: Wed Dec 31, 2008 3:11 am Post subject:

Hi Reb

As far as I know, you can refinance an existing mortgage in Texas through a VA loan. However, in the title of your post, you have mentioned about the Texas A6 laws. I don't think refinancing through VA loans has anything to do with Texas A6 laws, however if you want to know more about the law, check out the link:
http://www.mortgagefit.com/texas/a6loan-law.html#23849

Thanks.

Guest

Thanks for such great info.
I just moved to Texas in Oct 2008 and love being here. I was taken by suprise when I tried to refinance my mortgage to a lower rate because I wanted to take cash out. I put down 50% thinking when rates lowered I would refinance and recover funds. Now I find I must wait. I would have appreciated that info before I provided such a large down payment!
Best Regards to all who contribute!

jameshogg · Posted: Sun Jan 25, 2009 11:54 pm Post subject:

Hi mike,

Yes, the lender should have informed you that you will not be able to refinance the mortgage before one year of taking the mortgage. In my opinion, you will have to wait and then take a cash out refinance.

Thanks

Guest

Since a home equity loan can only be refinanced with another home equity loan are the interest rates quoted for a refi generally the same as a home equity ratel?

jerry · Posted: Mon Feb 16, 2009 2:20 am Post subject:

Hi ann,

I think the rates will be more or less the same when you refinance the home equity loan. As the rates are low now-a-days, lot of people are refinancing their mortgage. However, you should note that you can refinance only if you have equity in the property.

Thanks,

Jerry

Guest

I bought investment property in San Marcos, TX which has actually appreciated about 60k over the last 3 years. I have 2 loans on those which I am trying to get a lower rate on. My countrywide loan office tells me that I cannot consolidate the 2 because it would count as a cashout and I cannot cash out on an investment property in Texas. Is that true and if it is, can I still refinance one of the 2 loans?

Posted: Sun Mar 08, 2009 11:06 pm Post subject:

I would suggest you to speak to other lenders. This will help you to know whether you will be able to refinance both the loans or not.

Guest

I'm being told I can't utilize an A6 loan because we have an Agriculture Exemption called Open Space Land. We can refinance, but not get cash to pay off other bills. Anyone know about this?

Posted: Thu Mar 12, 2009 3:40 am Post subject:

I think you have been rightly informed in this matter. However, to be sure enough, you can speak to few other lenders and take their opinion regarding this.

Guest

I am being told the bank can't refinance my home with a cash out option unless I make the terms 30 yrs - Texas law. I wanted a 15 yr term. Is this true? I can't find this "law" anywhere.

Guest

I have two rental properties that have signifigant equity in them. I also have a line of credit that I used as downpayment and improvement money when I first purchased the two rentals. My goal is to refinance the two rentals, and use the equity to combine the downpayment and improvement money to each rental unit respectively, creating two larger loans, and freeing up my line of credit. My question is, is there any way around the 80% equity (A6) rule in my case?

Guest

Does an a(6) refi that was previously cash out, but is not cash out now, have to close at a title office or with an attorney?

jenkin7 · Posted: Fri Apr 10, 2009 11:49 pm Post subject:

Hi CC,

I am not aware of any such 'law' either. If you want to pay off your debt quickly and save money on the total amount of interest paid, you can reduce the term to 15 yrs. I think you should shop around more and contact other lenders and see what they have to say about this.

Hi Joshuaksig,

As far as I know, you cannot do a cash-out refinance of more than 80% as per the Texas A6 laws. Thus if you want to refinance the two rentals, you have to restrict it to not more than 80% of the equity.

savior70 · Posted: Sat Apr 11, 2009 3:35 am Post subject:

Hi Dennis,

As far as I'm aware of, a texas refi loan has to close either at the permanent office of the lender, a title company or an attorney's office.

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