Posted: Thu Jul 17, 2008 10:25 am Post subject: NO Doc HELOC Loan or Equivalent Self Employed for a Rental P
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
Guest
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.
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 _________________ Licensed Broker 50 states http://www.aimwithfocus.com
Need quick advise email or PM Glad to help
mdz
