All Forum Posts by: Steven Kelly

@Andrew Postell Thanks for your response. So this was their primary and they claimed it as their Homestead in 2018 until December 2018 when they decided to rent it rather than sell it. So they refinanced the Texas property in December 2018 and signed a non-Homestead Affidavit Declaring that it’s now a rental property. Now we’re trying to do another cash out refinance on that investment property and the title company is stating because it was their Homestead in 2018 they have to treat it as an a6 transaction. They are saying because it’s the only property they own that it has to remain there Homestead even though they’re renting out the property and have proof of that. The lender is OK under writing it as a non-Homestead Investment property cash out transaction no problem but the title company is the one who said Texas law says because it was a homestead property in 2018 you have to wait 12 months to do another cash out transaction on this property.  I guess what we’re trying to figure out is because she signed that non-Homestead affidavit Doesn’t that automatically remove the Homestead exemption?  This is my first Texas transaction so I apologize if I’m not making a lot of sense it just does not make a lot of sense to me.

Today I was at the closing table for my sisters cash out investment property texas loan. And the title company pulled out because of a homestead exemption and they stated because she did a loan and December 2018 cash out on the investment property she would have to wait 12 months to do it again on the investment property even though she signed a non-homestead Avadavat on the December 2018 loan.  They told her they have to underwrite this as an A6 Even though it’s an investment property cash out. Not sure understand why I am the loan officer on her deal. Anyone understand?