Today, FHLMC announced the following:
“Texas Equity Section 50(a)(6) Mortgages, originated under Article XVI of the Texas Constitution, permit a Borrower to take equity out of a homestead property under certain conditions. Previously, we restricted the eligibility of Texas Equity Section 50(a)(6) Mortgages to fixed-rate Mortgages only. We are updating the Guide to allow the purchase of Texas Equity Section 50(a)(6) ARMs.” (FHLMC Bulletin 2017-26)
In addition, FHLMC announced in the same bulletin, in regards to the recently passed amendments to Texas’ Constitution, that it “will provide guidance and updates regarding impacts to Texas Equity Section 50(a)(6) Mortgages in a subsequent Bulletin.”
We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes. Any modifications we make will be announced on our website (http://blog.docutechcorp.com/category/document-updates).