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mdz · Joined: 17 Jul 2008 Posts: 2 2.20 Dollars($)

Hi,

NO Doc HELOC Loan or Equivalent Self Employed for a Rental Property in PA

I recently sold a business and am now starting another new one so my income from the new venture is minimal. I am living off the sale of the business proceeds. I have a investment property that I want to get a HELOC on so I can make some home improvements to the house. I owe $94,000 on the home and its worth around $275,000. My credit score is 850 my wifes 780. I am looking for a no doc or some loan that will not ask for my current business income is minimal. What type of HELOC should I go after and what can I expect. Thanks

Posted: Fri Jul 18, 2008 12:21 am Post subject:

Hello.

You can get a HELOC but how much do you earn now? You need to show the lender that after taking the heloc, you can afford to pay it.

brian1 · Posted: Fri Jul 18, 2008 8:40 pm Post subject:

Not aware of any lenders offering any products this liberal at this time. Doubt we will see it anytime soon. Especially in second position. You may have to see if you can find a first product loan but even then the best you may find is a stated loan.

Good Luck
Brian

Guest

anyone out there offerinf HELOC without having an appraisal fee attached. previous HELOC used "desk appraisals"

smithsussane · Posted: Thu Sep 22, 2011 10:03 pm Post subject:

Hi bals!

Welcome to forums!

Your query has been replied to in the given page: http://www.mortgagefit.com/postdeal/about53154.html . Please take a look at it. I hope it will help you.

Sussane

helpfuljohn · Joined: 20 Oct 2011 Posts: 22 4.66 Dollars($)

I'd really suggest you shop around. You have huge Equity and a great credit score, so lenders should really be clambering to lend to you.

sure you may need to establish the value of the property to their satisfaction, but you're pretty much the definition of a good risk - a forward thinking lender may well be willing to negotiate fee's afterall either they are going to be getting your interest, or their competition is.

Get yourself a few different options and play 'em of against each other. No one is going to advertise their willingness to drop fee's, but at the end of the day banks make their money by lending their funds out to safe risks, not by sitting on them - they want to lend, and you present a pretty strong case.

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