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Renovation loan cash out laws in Texas

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michaelbwinfrey Joined: 17 May 2010 Posts: 1 1.30 Dollars($)	Posted: Mon May 17, 2010 10:59 am    Post subject: Renovation loan cash out laws in Texas Like 0 Dislike 0 I recently renovated my house using a renovation loan (not a home equity). Its in Texas and we refinanced our first and rolled the improvements into one loan. It has the same interest rate as a typical mortgage. Draws are in the form of a check and are made payable to me and my contractor. Does this fall into the cash out laws in Texas...once a cash out, always a cash out?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue May 18, 2010 2:11 am    Post subject: Like 0 Dislike 0 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

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