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if i had a cash out finance in texas, and a another type of loan of my home, do i still qualify for harp refinance?

by eimill_985_180 from Pharr, Texas. Feb 27th 2013 Reply


Charlie Sparks (CharlieSparks)
#8 ranked lender in New Mexico - 401 contributions

To be eligible for a HARP refinance the current loan would need to have been acquired by Fannie Mae or Freddie Mac prior to June 1, 2009. How long ago was your last refinance?

Feb 27th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Not enough information.

Feb 27th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

More information is needed.

Feb 27th 2013
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Peter Savino (855411LEND)
#99 ranked lender in New Jersey - 332 contributions

Texas Cashout Home Loan- If you used the equity from your home to pay down debt (credit card, car loan, student loan, pay day loan, etc.) or you received a check upon refinancing to do with the money what ever you wanted essentially. This was a Texas Cash-out Home Loan and now anytime you use your home for lending purposes, the title company will show a document that says your house falls under this guideline. The terminology we use in the industry, "once a cash-out always a cash-out". You'll never be able to borrow against your property more than 80% of it's appraised value...this is a Texas Law.

Feb 27th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

The rules in Texas are that once you do a cash out refi, any subsequnt refis must be PRICED and UNDERWRITTEN as a cash out. Since HARP does not allow for cash out, you wont qualify

Feb 27th 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

No sorry

Feb 27th 2013
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