Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
General Landlording & Rental Properties
presented by
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
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.