---

Texas specific question

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Guest	Posted: Wed Apr 21, 2010 2:30 pm    Post subject: Texas specific question Like 0 Dislike 0 I hope I am in the right place to ask this but if not let me know. Basically, I am working with a lender and everything was fine until they came up with some rule that may not let us refinance. I have a first mortgage from when I purchased the home. I then took out a 2nd mortgage two years later. Now I was told that I would be able to refinance my first mortgage as rate/term and subornindate the second. The only problem is that the lender I am working with says they can not do the loan now becasue the CLTV is 87% but the mortgage we are refinancing is for only 67% of the value of my home. Is this a real reason that they can not do my loan or another excuse to get away from it?? Any thought would be appreciated, Thank You
guest1101 Guest	Posted: Mon Apr 26, 2010 12:32 pm    Post subject: No one has an answer to this??? Like 0 Dislike 0 No one has an answer to this??? Any idea here...I am just lost. Thanks
jburke Joined: 09 Mar 2010 Posts: 90 Location: National 17.46 Dollars($)	Posted: Tue Apr 27, 2010 4:11 pm    Post subject: Like 0 Dislike 0 It has to do with the cash out laws in Texas. Once you do a cash out, every transaction after that is considered a cash out and that means you have to qualify under the cash out guidelines which is going to limit you to an 80% LTC/CLTV. _________________ John Burke Mortgage Banker FHA Loans VA Loans USDA Loans Conforming Loans

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0