Loan Officer says "Loan for rental can ONLY be 15 yr term, 20% cash down". Is this True?

[Alonzo Garza]

Hello BP community,

I'm in the process of verifying this but wanted to post the question here in the forums so as to help any other members who might have a similar question:

So I just had a loan officer approve me for a loan but when I told her that this was for a rental investment property and it will not be my primary residence she stated the following:

" Oh, since this is a rental property Texas law mandates that it can ONLY be a 15 yr. loan and the 20% has to be cash only".

Is this true? 

Thank you in advance BP community members,

-Alonzo from Texas

[Joel Owens]

Yeah but you can have so much fun asking for the state statute code first........ : )