TEXAS 50(a)(6) impeding investment property refi

[Anna Catron]

I was just told by one of the mortgage lenders sponsored by BP, that in Texas, COVID has messed up refi rules. 

Per her, TEXAS 50(a)(6), says that investments can only be refi'd IF the house was a primary WITH a homestead at its inception.  It cannot have a homestead presently (obviously bc now it's a rental). She said ONLY portfolio lenders that KEEP the loan are able to refi rentals that don't fall in this category.  

Anyone heard this?  When I looked it up, it looked like it came into practice in December. 

Thanks!!

[Joe Funari]

@Anna Catron I too am refinancing several rentals and closing next week with my lender @Andrew Postell. So not sure what your lender is getting that from. I suggest you reach out to Andrew and have him clarify.