Transcription of Texas 50a6 Matrix and Summary Guidelines v7.0-CLS
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Revision Date2/2/2021 Version Most recent updates in red fontThen the new loan is considered:Current Lien(s) Any Cash to Borrower?Limited Cash Out (Rate & Term Refi)Loan Purpose Cash Out RefinanceLoan PurposeNoXYesXNoXXYesXNoXYesXNoXYesXNoXY esXXNoXYesXXNoXYesXNoXYesXNoXXYesXNoXXYe sXNot PermittedXNoXYesXTexas Section 50(a)(6) Refinance Eligibility Matrix and Summary GuidelinesNot PermittedYesYesYesYes/NoYesNo*YesYes/NoY esYes/NoYesNo*YesYes/NoYesYesNo*YesYesYe sIf the following conditions exist:Is Current 1st a 50(a)(6)?Is Current 2nd a 50(a)(6)?Is 2nd to be Paid Off?Is 2nd to be Subordinated?Subject to 50(a)(6)?1st Mortgage Only; No existing 2nd MortgageNoNoYesYes1st Mortgage & 2nd Mortgage = NOT Purchase Money or Home ImprovementNoYesYesNoYesYesNoNoYesNoNoYe sYesNoYesNoNoYes1st Mortgage & 2nd Mortgage = Purchase MoneyYesNoYesYesNoNoNoYesYesNoYesYesNo*1 st Mortgage & 2nd Mortgage = Qualified Home Improvement LoanYesNoNoNoYesNoNoNoNoYesNoNoNoYesNoNo NoYesYesYesNoYesInformation and Disclaimers Regar
o Closing Disclosure o Right of Rescission Notice o Discount Point Disclosure if applicable o Acknowledgment of Fair Market Value o Premium Pricing Disclosure o Notice Concerning Equity Loan Extension of Credit (English or Spanish) document – The signing of this document starts the 12 day ‘Cooling Off Period‘ • Occupancy
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