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How to fill out the Texas 50a6 Checklist online
The Texas 50a6 Checklist is an essential document for individuals seeking a home equity or cash-out refinance under Texas law. This guide will provide you with clear, step-by-step instructions to effectively complete the checklist online, ensuring you meet all necessary requirements for eligibility.
Follow the steps to complete the Texas 50a6 Checklist online
- Press the ‘Get Form’ button to access the Texas 50a6 Checklist and open it in your preferred online editor.
- Review the checklist for eligible programs, ensuring that your financing aligns with either conventional options such as Fannie Mae and Freddie Mac or the Zuma program.
- Make sure you have received the Notice Concerning Extensions of Credit defined by Section 50(a)(6), which must be provided within three business days of your application date.
- Complete the eligibility requirements section, ensuring that your home qualifies as a primary residence and that all borrower(s) occupy the property.
- Verify that all underwriting requirements are met, including a minimum FICO score of 620 and a seasoning period of 12 months on your existing mortgage.
- Ensure all necessary signatures are captured, particularly the spouse's signature on required disclosures 12 business days prior to the note date.
- Carefully review closing requirements, including ensuring that the Loan Closing Disclosure is finalized one business day prior to consummation.
- After completing the checklist, you can save your changes, download the document, print it, or share it as needed.
Begin completing your Texas 50a6 Checklist online today!
A Texas 50(a)(4) (non-home equity) is a rate and term refinance of an existing Texas home equity (50(a)(6)) loan.
Fill Texas 50a6 Checklist
Texas Section 50(a)(6) loans must be fully amortizing loans with payments due on a monthly basis. The following are eligible as Texas Section 50(a)(6) loans. Information is accurate as of the date of publishing and is subject to change without notice. SECTION 50(a)(6), ARTICLE XVI, OF THE TEXAS CONSTITUTION.
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