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A6 TEXAS LAW

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terrence8617 Joined: 21 Jul 2008 Posts: 2 1.79 Dollars($)	Posted: Tue Jul 22, 2008 9:32 am    Post subject: A6 TEXAS LAW Like 0 Dislike 0 Concerning A6 Texas law once a cash out always a cash out, for primary homesteads, is it true that if you own a 2nd home homestead or investment property this law does not apply?
cliff3 Community Expert Joined: 05 May 2008 Posts: 328 Location: Houston 75.44 Dollars($)	Posted: Tue Jul 22, 2008 1:01 pm    Post subject: Like 0 Dislike 0 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. _________________ Cliff Pape Market Analyst www.home-buddies.com
TERRCNCE Guest	Posted: Tue Jul 22, 2008 3:09 pm    Post subject: A6 TEXAS LAW Like 0 Dislike 0 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: 3322 474.67 Dollars($)	Posted: Wed Jul 23, 2008 6:16 am    Post subject: Like 0 Dislike 0 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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