Rental Property Cashout refi in Texas
Hi,
I have a rental property in TX and live/work in CA (don't own a home). I've owned the rental property in Texas for about 7 years now and have built up some equity. I spoke to my current mortgage bank (Regions Bank) and to Quicken Loans and they both said that due to Texas mortgage laws, they are not able to do a cashout refi on the rental property. They said in order to do a Texas Cashout on a rental property, I must own a primary residence in Texas. Any other out of state Texas investors or lenders heard of this before? I should be able to pull out about $60k on this property so its tough to be told that it's not possible. Is there anything I can do? Any advice would be appreciated!! thank you.
Most Popular Reply
Texas has very strict mortgage laws due to their Homestead protections. You need a commercial loan or line of credit not a conventional loan. There are also private/hard money lenders who specialize in TX that should be able to help you out.