TX All cash property with no refi restriction
I have learned a lot from the people and this site, and it has help me become more and more educated each day. So when I hear this, I was very skeptical and I still do not believe it to this point. However, it was a statement made by a branch manager of a bank who has operations in TX. They said that if you buy a property in Texas with all cash, you cannot perform a refinance on the property for the entire time that you own it. Is any of this remotely true in one sense or another? I have talked to a few lenders, both in TX or lend in TX, about buying all cash then doing a cash out refi and they continue the conversation about more strategy and tell me to call them when I get the property. I found nothing from a quick Google search on this topic, and just looking for confirmation on the degree of absurdity regarding this statement.
Let the jaw dropping begin...