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BankersOnline.com Forums State-Specific Compliance Issues Texas Balloon Payment
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#2177367 - 05/09/18 04:00 PM Balloon Payment
workerbee Offline
Member
Joined: Oct 2015
Posts: 61
On a 1st Lien HELOC- it appears that Texas would not allow a 10 year draw and then the last payment be a balloon payment correct?

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#2177376 - 05/09/18 04:16 PM Re: Balloon Payment workerbee
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
No balloons allowed in Texas. You could have an interest only draw period, but it has to have a repayment period that fully amortizes the balance that exists when it enters the repayment period.
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