No income Verification HELOC?

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Icon Mini Profile seanpglass

Joined: 02 Jun 2009

Posts: 1

1.83 Dollars($)
Post Posted: Tue Jun 02, 2009 3:00 pm    Post subject: No income Verification HELOC?

I just purchased a property for cash in Key West Florida. My bank's rep - bank of america premier banking - had told me it wouldn't matter if I did a mortgage pre or post close... only to then follow up after the close with "oops" we can only do it as a cash out refi and can only do $350... and.. oh since you sold part of your biz last year and are taking a year off we have an issue because you have no income.... b of A is useless and it is no wonder our tax dollars are having to bail them out.

What I want to do now is a $500k heloc with no income verification (I have rental and investment income to support this) and I would be willing to do asset verification. Does that sound like the right product? My understanding is that I'll run into the cash out issue with almost any lender (which doesn't really make sense b/c I have no mortgage to "refinance").

Any suggestions or lenders I should speak to?

Icon Mini Profile adonis

Joined: 22 Oct 2005

Posts: 12177
Location: ALASKA
1313.62 Dollars($)
Post Posted: Tue Jun 02, 2009 11:40 pm    Post subject:

Hi seanpglass,

In today's market no income verification loans have become rare. There is hardly any lender who would take the risk to give you a loan without your income verification. I would suggest you to apply for a loan only when you are able to prove your income.

Procrastination is the enemy of your financial success
Icon Mini Profile Realgeni

Joined: 13 Apr 2009

Posts: 1434

99.76 Dollars($)
Post Posted: Fri Jun 05, 2009 1:17 pm    Post subject:


Welcome to forum.

Adonis is correct. I do nto think ther is any lender out there willign to give loan with out income verification. Probably loans of those kinds may never come back. Hopefully the lenders have learnt thier lesson from thier recent exerinace.

Good luck and feel free to ask.

-Good credit is easy to achieve, as long as you use it responsibly.
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