Can I get an equity loan without w-2s? - Posted by Maria

Posted by JT-IN on October 16, 2006 at 11:00:12:

Maria:

All you need to do is ask this question exactly this way of several mtg brokers. Let them know right up front, exc credit, 100K in equity, want NO DOC loan… The rate may be outrageous… but that is the price of admission.

You may be better served by asking for a larger amount than 10K, since most Brokers won’t work on a deal that small… so get a 50K equity line… and only use what you need. Points or origination, (pay to the Broker) will be based on the 50K… so you may pay 500 - 1K in fees for the loan).

If you hear NO, keep calling.

JT-IN

Can I get an equity loan without w-2s? - Posted by Maria

Posted by Maria on October 15, 2006 at 17:37:20:

I have an investment property with an estimated $100,000 in equity. I would like to get about $ 10000 out of it as a line of credit, or equity loan. I have a great credit score, but I would like to do a no doc or stated income qualifying. Can I get an equity loan based on the equity in the house alone? Thanks in advance for any advice.