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I have been working with a company called 1stMetropolitian Mortgage out of Irvine California. When I first started looking they were the only ones that would even talk to me about a cashout refi on my home. I have been doing a little further research and am seeing it is actually done farely often in texas. IS there anyone that can answer some general questions?

I have a mobile home that was converted from a chattel mortgage to a real property at the time of my purchase in Febuary of 2006 we paid 64,000 for land and home. The home loan I took out when I bought the property was an FHA loan. The previous owners had to do all the foundation work for us to qualify as an FHA loan. If you look my home up on zillowcom (5753 149th St, Lubbock TX 79424) it shows home value at 96,000. I am wanting to refi and in the same step add in a few personal loans I have taken out to fix the place up. I have put a new 26gauge steel roof on, new landscape, interior work brand new tile, carpet, and laminate floors throughout etc...I am currently at 6.25% 30year fixed terms payments with taxes and all are around 575.00 I understand terms will change but can what I am wanting be done?

my e-mail is lowens @ armt com
my phone# is 806-632-4571

brian1 · Posted: Tue Jul 01, 2008 2:42 pm Post subject:

Texas has alaw on the books that says you cannot get a cash out refinance for more than 80% of the value of the home. So if it did appraise for the higher amount you could possibly refinance up to 80% of that value. By the time you pay fees, appraisal title etc you may not have much left?
Good Luck
Brian

Guest

please explain your last sentence, I'm confused!!!
your stated; "By the time you pay fees, appraisal title etc you may not have much left?"

sara · Posted: Sat Sep 13, 2008 2:48 am Post subject:

Hi Juan,

Welcome to the forums.

Perhaps what Brian is trying to say here is, it's doubtful as to whether you can pay off the personal loans or fix up your home with the cash-out refinance loan amount as because in Texas, you can't cash out for more than 80% LTV.

Take care

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

I agree with the others that by the time you pay off your current mortgage and pay closing costs which can be around 5% of the loan, there will not be much left to go to towards these other personal debts. At best, you might be looking at 10K out of it.

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