All Forum Posts by: Account Closed

Is it a Primary Residence ?

@Kevin Hassold - Yes, Your lender is correct. This 6 month rule does apply for doing a cash-out refi. Additionally, there is a LTV restriction of 75% for investment properties. For Primary, it can go up to 80%.

There are few special rules for Cashout Refi in Texas that falls under Section 50 (A) 6 but those only apply to homestead properties. So, as long as you are not refinancing your primary property you don't have to worry about this law. 

That depends from Lender to Lender. They may agree to it if you could provide a conviencing motivation letter because the property is too close to your current primary. They should be good as long as you could prove that this property won't be used for generating income. 

Thank you.

If the timeframe for the resolution is certain then you should wait. You may have seller to bear lock extension cost that may incur in the mean while. 

Thank you.

You can do it as a second home if you are planing to stay for less than 6 months there.

Thanks Bruce but I'm not looking for any. I already work for a lender and we Lend in Texas as well 

Try Providence Abstract, LLC

Thank you. 

Try Providence Abstract, LLC. Thank you.

Are you still looking for one ? 

Yes, We are direct lenders for residential mortgages in Texas. If you are looking for one, Please let know. 

Thank you.