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 "[url=http://www.mortgagefit.com/refinance.html]refinance[/url]").
Any suggestions or lenders I should speak to?