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Rate Term Refinance Texas

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jjulian Joined: 01 Apr 2008 Posts: 2 1.62 Dollars($)	Posted: Tue Apr 01, 2008 11:11 am    Post subject: Rate Term Refinance Texas Like 0 Dislike 0 I have a borrower on an adjustable coming due (adjusting upwards) and need to rate/term refi. They previously had a cash-out refinance and now sit at 86% ltv with just a 1st mortgage. I know once a cash out ~ always a cash out, but can the borrower rate/term at 86% ltv, or are they stuck in an adjusting mortgage?
atulagarwal Joined: 26 Mar 2008 Posts: 10 Location: Jacksonville Florida 5.08 Dollars($)	Posted: Tue Apr 01, 2008 11:34 am    Post subject: Like 0 Dislike 0 Interesting situation, specially since you are from Texas. Best Thing I can recommend is go to a reputable local lender and try to get a FHA refinance on your property before its too late. I do know there are a lot of restrictions on Cash out refinances in Texas but maybe you can get a local Loan officer to help you get into a FHA Mortgage and curtail the increase in Rate as well as Negative Ammortizarion _________________ Atul "Al" Agarwal Mortgage Loan Officer Bank of America 904-962-2000 I like to work with 1st time Home Buyers and specialize in Down payment Assistance as well as FHA/VA. http://mortgage.bankofamerica.com/atulagarwal
jjulian Joined: 01 Apr 2008 Posts: 2 1.62 Dollars($)	Posted: Tue Apr 01, 2008 12:07 pm    Post subject: Response Like 0 Dislike 0 Actually I'm looking more for an answer on the law regarding Texas Rate Term refinance and whether someone with a cash out in the past can refi rate term over 80% ltv
chrisburns Community Expert Joined: 13 Nov 2007 Posts: 382 Location: Florida 65.98 Dollars($)	Posted: Tue Apr 01, 2008 3:25 pm    Post subject: Like 0 Dislike 0 TExas has some very strange laws about this. I know that you can't refinance a HELOC. If you have a HELOC in texas it must always remain a HELOC. You can rate & term refi to 100% LTV in texas but only go to 80% LTV on cash out. I'm not an expert on texas law. You may want to contact the finance agency that governs the law to get claification from them. _________________ Chris Burns Five Stars Mortgage, LLC Office: 800-871-2636 ext. 200 Cell: 407-456-3697 Florida Mortgage Five Stars Mortgage On Facebook
Tiffany Guest	Posted: Thu Apr 16, 2009 1:22 pm    Post subject: Rate Term LTV for Texas Like 0 Dislike 0 I have a client that has never taken cash out and I want to know what the maxium LTV can be for a rate and term in Texas..
savior70 Joined: 25 Mar 2009 Posts: 1895 Location: Florida 261.84 Dollars($)	Posted: Fri Apr 17, 2009 6:35 am    Post subject: Like 0 Dislike 0 Hi As fas as I'm aware of, in Texas one can do a cash-out refinance only upto 80% LTV. This is as per the Texas A6 laws pertaining to cash-out refinance.

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