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Looking to get a "stated income" HELOC on a property in AZ to buy an income property in CA

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schneider_randy Joined: 11 Jan 2009 Posts: 1 1.58 Dollars($)	Posted: Sun Jan 11, 2009 12:42 am    Post subject: Looking to get a "stated income" HELOC on a proper Like 0 Dislike 0 Looking to get a "stated income" HELOC on a property in AZ to buy an income property in CA...I have a house worth about 205,000 in Mesa AZ, I have a good credit score (750), and only owe 125,500 on the house. I want to purchase a property in Imperial County CA that is listed for $40K and rent it out. I would be interested in either a HELOC, or a second mortgage. Is this doable in this day and age?
Samantha Community Mentor Joined: 16 Sep 2005 Posts: 1609 Location: MASSACHUSETTS 150.97 Dollars($)	Posted: Mon Jan 12, 2009 11:53 am    Post subject: Like 0 Dislike 0 Since you have a good credit score, you may qualify for the stated income Heloc. I hope you have enough equity in your home or else it'll be difficult to get the loan. What I'll suggest is that you have a talk with the lenders in this community. Just go for a no-obligation free consultation on the right mortgage with the lenders here. They'll help you to explore various options before you choose the best for you. may god bless you. Samantha _________________ Know how to compare lenders with mortgage booklet

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