Refinancing Confusion
We are trying to refinance an investment property we have owned for 3 months. We'd like to finance a90% LTV meaning we would take cash out.
Our realtor (also loan officer) wants to do our loan, and insists NO way can we get cash out without owning the property for one year.
Our other loan officer insists this is not a problem at all. He can do a loan for us 90% LTV giving us cash back.
Our realtor is telling us it is against the law in Texas to take cash out of an investment property unless you've owned it for at least one year.
We don't know who to believe! 
What your realtor is referring to is called "seasoning" and in many areas he is right. I don't live in Texas, but if I am not mistaken, I believe I have read several posts from investors in Texas who have mentioned that REI laws are extremely strict. Call around to some local lenders and ask them. They should be able to set you on the right track. Wish I could be of more help. Good luck.
Matt