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Renovation loan cash out laws in Texas

I recently renovated my house using a renovation loan (not a home equity). Its in Texas and we refinanced our first and rolled the improvements into one loan. It has the same interest rate as a typical mortgage. Draws are in the form of a check and are made payable to me and my contractor. Does this fall into the cash out laws in Texas...once a cash out, always a cash out?

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi michaelbwinfrey!

Welcome to forums!

As far as I can understand, your loan will be considered as a cash out loan. However, this loan will not be considered as a Texas A6 loan. I would suggest you to check out with your lender whether or not it would be considered as a cash out loan.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:55 | Post subject:

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