problem getting HELOC, PLEASE HELP!! - Posted by Peter

Real Estate Investing Real Estate Financing
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Posted by Barry (FL) on July 21, 2004 at 22:20:00:

I just refied a property we owned for 3 months paid cash refied with Wachovia on an equity line at prime. They will go to 90% of appraised value, stated for 100k or less. Over 100k they will need some documentation.

Hope This Helps,
Barry (FL)

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problem getting HELOC, PLEASE HELP!! - Posted by Peter

Posted by Peter on July 21, 2004 at 20:00:27:

I’ve called a bank that was denied for my HELOC, they said that my Debt-to-income was too high. Here’s my stitution.

  1. Self Employed, claimed $35k a year
  2. Currently own 2 homes
  3. Primary has 200k in equity, but only been in for 10 months. (YES 200K, not a typo)
  4. Purchase another house a month ago, not on credit report… YET!

I want to get a HELOC to purchase more homes by way of a stated HELOC (only applied as full doc.), however the thing stopping me is.

  1. Only lived in house for 10 Months, the bank wants at least a year.
  2. If I wait the 2 months to make it a full year, my new home that I just purchased will show on my credit.

What to do? Everybody makes it sound like getting a HELOC is easy, but it hasn’t been easy for me.

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Re: problem getting HELOC, PLEASE HELP!! - Posted by michael schindler

Posted by michael schindler on July 22, 2004 at 23:38:22:

try a different lender. ask them 1st if they have a seasoning requirement

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Re: problem getting HELOC, PLEASE HELP!! - Posted by michael schindler

Posted by michael schindler on July 21, 2004 at 23:04:54:

FYI, Not stating your correct application status is a RESPA violation. Thanks but no thanks. If you tell anyone about the other house and they do your loan, then they are guilty and could lose their license and/or be fined. Not to say it isn’t done probably everyday but, 1 HELOC shouldn’t be worth a shot at anyone losing their license. Good luck!