Texas Mortgage Laws

Mortgage Laws And Regulations To Protect The Consumer. Following is a brief description of the major laws and regulations meant to govern the mortgage lending process, protect mortgage borrowers, and govern the practices of financial institutions with regard to mortgage lending and protection of borrower financial information.

Home Equity Loan Rules. In Texas, second mortgages and home equity lines of credit are treated as cash-out refinances. This means a second mortgage can only bring the combined loan-to-value ratio (amounts of first and second mortgages) to 80 percent.

Va Funding Fee Chart 2017 Homeowners impacted by Hurricane Michael are eligible to stop making mortgage payments for up to 12 months, during which time they will not incur late fees during this temporary. and exterior.

Cash Out Refinancing Texas. When someone talks about cash-out refinance loans, they are referring to a home mortgage where the borrower receives cash back at closing after paying off the first mortgage, any liens, and any closing costs.In Texas, the maximum loan amount of any owner-occupied cash-out refi loan cannot exceed 80% of the property value or loan-to-value (LTV).

The Texas legislature has passed laws that are designed to protect homeowners and their families, and the state did not even allow home equity loans until 1997. Since that time, state laws have been amended to allow for home equity loans, but the laws include strong protections for consumers.

Pursuant to Texas law, a nonjudicial foreclosure may be initiated by the. PNC does not address the fact that the acceleration notice states pnc was acting in its capacity as mortgage servicer for.

Fha Loan Vs Conventional Loan 2017 Conventional loan requirements 2017. conventional loans require a minimum credit score of 620 to buy a home. A borrower must have a minimum of 5% down payment to be eligible for a conventional loan. FHA Loans vs. Conventional Loans. It may not always seem clear whether to apply for a FHA loan or conventional loan.

Spouses are now only required to sign a mortgage if they are on title or a non-title borrower (which would require the mortgage to state that they are a non-titled borrower or the registry may not accept the recording). Also, the new law was made retroactive, so mortgages older than three years also do not need to have been signed by a spouse.

Refinance Usda Loan To Conventional The U.S. Department of Agriculture maintains a unique home loan program through its Rural Development office. USDA loans are the only other no-down payment loan program on the market. Lenders often require a credit score of at least 620, and a borrower’s income cannot exceed 115 percent of the area’s median income.

consumers wishing to file a complaint against a mortgage banker or a licensed mortgage banker residential mortgage loan originator should complete and send a complaint form to the texas department of savings and mortgage lending, 2601 north lamar, suite 201, austin, texas 78705.

The laws require that consumers receive disclosures at various points in a mortgage transaction. The laws also outlaw kickbacks that increase the cost of the mortgage loan.

Two different laws regarding the cancellation of PMI are: Texas Insurance Code, 3502.201 – 3502.203 – Lender Powers and Duties (formerly Article 21.50, Sec. 1B), which is applicable to conventional mortgages effective prior to July 29, 1999; and