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Texas refi/cash out to put in a swimming pool

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lanie1970 Joined: 27 Dec 2008 Posts: 1 1.39 Dollars($)	Posted: Sat Dec 27, 2008 9:51 am    Post subject: Texas refi/cash out to put in a swimming pool Like 0 Dislike 0 My home is valued at $260,000. We owe $173,000 but would like to refinance with $30,000 cash out to pay for a pool. The pool would be a home improvement and should increase the value of the home. We were told that this is against the law in Texas to do a cash out to put in a pool. Any advice?
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon Dec 29, 2008 4:08 am    Post subject: Like 0 Dislike 0 Hi lanie As far as I am concerned, I think the lender is correct in saying that. You cannot cash out in order to add a pool to the property or improve home according to the Texas laws. To know more about Texas A6 laws, check out the following link: http://www.mortgagefit.com/texas/a6loan-law.html#23849 Thanks. _________________ Good is the Enemy of Great.
Melanie Guest	Posted: Mon Dec 29, 2008 11:31 am    Post subject: Like 0 Dislike 0 I guess I don't really understand. The link you provided says that the funds can not be directly paid to the contractor from the cash out. If I put the cash out in my bank and then pay the contractor, that is not being paid directly. Why would I be able to pay off "debt" with it but not put in a pool? Wouldn't the pool be considered "debt" if I owe the pool people and tell them I am paying cash? One lender is telling me no, and the other is saying yes. They want me to go ahead and pay for the appraisal and credit report, but I don't want to do that if it is going to end up not being able to be used because the loan is not possible. Thanks for the help!
Guest	Posted: Tue Dec 30, 2008 1:31 am    Post subject: Like 0 Dislike 0 The pool will be added to the home so it will be considered as an home improvement. And I believe according to Texas refinance laws, you cannot improve your home with the money you get from refinance.
dlackey Joined: 05 Jan 2009 Posts: 9 3.77 Dollars($)	Posted: Mon Jan 05, 2009 8:59 am    Post subject: Texas Cash Out for Home Improvement Like 0 Dislike 0 You can obtain a Texas Cash Out refinance for home improvement or debt consolidation up to 80% of the value of the home. It will be listed as a Texas Cash Out loan and not as a home improvement loan. Most lenders require disclosure of the use of the cash out; however, home improvement is an acceptable reason. We process about 100 loans a month for this purpose.
Sean Guest	Posted: Wed Jan 07, 2009 8:01 am    Post subject: pool Like 0 Dislike 0 Google FHA 203B and FHA 203k, it is spelled out by state what can be done. [Link deleted as per forum rules. Thanks.]

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