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Home Equity Loan on a NYC co-op apartmen

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myfutureselfandi Joined: 10 Aug 2010 Posts: 4 2.01 Dollars($)	Posted: Tue Mar 22, 2011 4:28 pm    Post subject: Home Equity Loan on a NYC co-op apartmen Like 0 Dislike 0 Home Equity Loan on a NYC co-op apartment - have 117k equity, need 50k. Would end up with 88% CLTV. Is this possible?
myfutureselfandi Joined: 10 Aug 2010 Posts: 4 2.01 Dollars($)	Posted: Tue Mar 22, 2011 4:30 pm    Post subject: Like 0 Dislike 0 This would put my DTI at about .32 by the way
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Tue Mar 22, 2011 8:59 pm    Post subject: Like 0 Dislike 0 Hi myfutureselfandi, You should have 20% equity in your property in order to get a home equity loan. Unless you've this equity in your property, you won't be able to qualify for any loan. _________________ Procrastination is the enemy of your financial success

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