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tx cash out on 2nd homes

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ckl9988

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Post Posted: Mon May 12, 2008 1:13 pm    Post subject: tx cash out on 2nd homes
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Does TX allow cashout on 2nd homes? My property is free & clear. Looking to obtain a 1st.
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Post Posted: Mon May 12, 2008 5:51 pm    Post subject:
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Please go into more detail?
Icon Mini Profile adonis
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Post Posted: Mon May 12, 2008 9:15 pm    Post subject:
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Welcome Ckl,

I don't think a cashout refinance on second home is allowed in Texas.

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Bill Barrios

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Post Posted: Wed Jul 30, 2008 10:24 am    Post subject: Cash out
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I bought this property in December 2007 and paid cash for it. Now I would like to borrow money against the property to pay off some debts. Is there a requirement in Texas where you must have owned the property for at least 12 months in order to get a first mortage?
Icon Mini Profile Caron
Caron
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Post Posted: Thu Jul 31, 2008 3:58 am    Post subject: RE: borrow against Texas property
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Welcome Bill.

I don't think there is any such requirement in Texas. One cannot refinance a Texas A6 loan if 12 months are not over. But regarding a loan against property when there's none taken earlier, there is no such criteria to be fulfilled.

Thanks.

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