Renovation loan cash out laws in Texas

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Icon Mini Profile michaelbwinfrey

Joined: 17 May 2010

Posts: 1

1.30 Dollars($)
Post Posted: Mon May 17, 2010 10:59 am    Post subject: 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?
Icon Mini Profile smithsussane

Joined: 18 Sep 2008

Posts: 12591
Location: Alaska
1308.69 Dollars($)
Post Posted: Tue May 18, 2010 2:11 am    Post subject:

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.

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