Posted on: 19th Mar, 2009 10:30 am
I am looking for the written rules about refinancing an A6 loan in Texas and the new Housing Law. The value of my house has dropped and the lending institution is sticking with the 80% rule. However, according to the new housing law if the home is financed using Fannie Mae or Freddie Mac the lending institution should be able to go to 115% of the value of the home. The lending institution is telling me that the Texas law prevails and they are stuck at the 80% level. Does anyone know what is right?
Hi pearldiver,
As far as I know, your lender is correct. As far as Texas A6 laws are concerned, the 80% rule still prevails and the lenders follow that. To know more about Texas A6 laws, check out the following page:
http://www.mortgagefit.com/texas/a6loan-law.html#23849
Thanks
As far as I know, your lender is correct. As far as Texas A6 laws are concerned, the 80% rule still prevails and the lenders follow that. To know more about Texas A6 laws, check out the following page:
http://www.mortgagefit.com/texas/a6loan-law.html#23849
Thanks