A6 TEXAS LAW

terrence8617 · Joined: 21 Jul 2008 Posts: 2 1.79 Dollars($)

Concerning A6 Texas law once a cash out always a cash out, for primary homesteads, is it true that if you own a 2nd home homestead or investment property this law does not apply?

cliff · Posted: Tue Jul 22, 2008 1:01 pm Post subject:

Hello Terrence8617,

You are correct. The law does not apply to a 2nd home or investment property.

Please get more detailed information about the Texas A6 law here on the site at http://www.mortgagefit.com/texas/a6loan-law.html

Good luck.

Guest 0.10 Dollars($)

Hello Cliff Pape, I appreciate your reply. Today I had a conversation with a loan processor concerning A6 rules, and his position was that a lender would not recognize a 2nd home. Only one may be a primary residence and the other would be an investment property. Thanks agian Cliff Pape

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Terrence.

Welcome of the forum.

Cliff is right. It should be your primary residence. And if "the refinance of a loan which was created as a Texas A6 home equity loan. Once a home equity loan....always a home equity loan." and you cannot refinance A6 loan within the first 12 months.

Best of luck,
Larry

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