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Cash Out Refinance

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donns Guest	Posted: Fri Feb 01, 2008 10:38 am    Post subject: Cash Out Refinance Like 0 Dislike 0 If I am refinancing a 1st which is a purchase money mortgage, and rolling closing costs and prepaids into the loan; Is that considered an A6 in Texas? And if so, do those closing costs and prepaids fall under the 3% cap requirement? Thank you!!! _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
ckalvesmaki Community Expert Joined: 28 Jan 2006 Posts: 378 Location: Dallas 56.51 Dollars($)	Posted: Fri Feb 01, 2008 11:35 am    Post subject: Like 0 Dislike 0 If you are not taking cash out.........then no it is not a tx A6 loan.......pre-paids and taxes or other costs associated with the loan are not considered cash out. _________________ Cedric Kalvesmaki ***Professional Disclaimer*** While I am a Mortgage Professional, this advice is generic in nature only. 888-383-9019 emails and PMs gladly answered www.freedommortgagetexas.com Freedom Mortgage I live in TX but cover all 50 states
larry Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)	Posted: Fri Feb 01, 2008 1:06 pm    Post subject: Like 0 Dislike 0 Hi Donns, Welcome to the forum. Are you doing a cash out refinance? A6 is a law related to cash out refinance. If you want to know more about A6 law, check out this discussion at http://www.mortgagefit.com/texas/a6loan-law.html How long have you taken the mortgage? how much equity have you gain so far?
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Sat Feb 02, 2008 6:03 am    Post subject: RE: purchase money mortgage is not a part of A6 law Like 0 Dislike 0 Yes, purchase money loan is not a part of the A6 law, so whether it includes the closing costs and prepaids is not worth considering.
lisascherzer Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)	Posted: Sat Feb 02, 2008 4:03 pm    Post subject: Like 0 Dislike 0 It is not considered cash out because the seller is paying for closing costs and prepaids. It's all good. _________________ Lisa Scherzer Allpointe Mortgage Expert Mortgage Broker 440-521-7060 Free Mortgage Quotes Get Mortgage Information Search Real Estate Agents Here
jbarto65 Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)	Posted: Sun Feb 03, 2008 4:34 am    Post subject: Like 0 Dislike 0 So, I guess you got your answer, A6 will only fall with the cash out option. goodluck.

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