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Answers to Texas Cash Out Refinance Questions. Frequently Asked Questions Related to Cash-Outs. I want to refinance my loan but the loan officer says the max he can lend is 80.
Why is that. In the state of Texas once you have completed a cash-out or home equity loan on your homestead or primary residence the maximum loan-to-value (LTV) allowed thereafter is 80. This restrictive ruling is actually part of the Texas Constitution (see section 50 (a) (6) article XVI). County records identify the fact that the home had previously had home equity lien filed against it. This will be the case until the home is sold or conveyed to a different party removing this restriction.
Until then, the maximum allowable loan-to-value is 80. So if you are in the process of refinancing your current loan please remind your HomeStart Loan officer if you had previously performed a cash-out or home-equity loan against your home.