Question on HELOC - Posted by Mickey

Posted by Barry (FL) on January 28, 2005 at 20:45:03:

JT turned me on to her. She’s in Satellite Beach. Take no spam out and email me offline. I’ll send you her details.

Barry (FL)

Question on HELOC - Posted by Mickey

Posted by Mickey on January 28, 2005 at 15:26:05:

If I purchase a home with cash today, how long until I can borrow against the home either with a mortgage or a HELOC. Is it 6 months, a year, or anytime???

Re: Question on HELOC - Posted by Carrie

Posted by Carrie on January 30, 2005 at 20:33:51:

The last house I bought with cash and got a home equity loan about a month after closing. 95% of appraised value, they even paid for the appraisal. I paid only 15k for it and it appraised for 30k. We rent it for $475/mo + utilities, good deal!
Anyway, I say anytime, at least thats how it works around here with my local bank.
Carrie-PA

Re: Answer on HELOC - Posted by Wayne-NC

Posted by Wayne-NC on January 28, 2005 at 16:44:31:

Anytime is what I have done but the value is based on the purchase price and not the “good deal” that you bought it for. The amount you will get is determined by the LTV. After the title has been seasoned for 6 months to a year, you can then do a modification agreement for more. Go shopping.

Re: Answer on HELOC - Posted by Barry (FL)

Posted by Barry (FL) on January 28, 2005 at 17:03:56:

Wachovia will lend up to 90% of appraised value, stated income, with no seasoning, up to 100k depending on your credit.

If they don’t know what you’re talking about, keep calling other branches until you find a loan officer that knows what you’re talking about.

Hope This Helps,
Barry (FL)

I have 5! - Posted by Wayne-NC

Posted by Wayne-NC on January 28, 2005 at 17:13:00:

I use Wachovia for my HELOC’s. You are absolutely correct except that I might add that they will lend up to 90% of the purchase price within the first year. After that a modification agreement can be done up to 90% of the appraised value. Be it noted that I got HELOC’s up to $150K on stated income until the rules of the “money game” changed.

Re: I have 5! - Posted by rm

Posted by rm on January 30, 2005 at 12:58:32:

How much did your credit score change with each HELOC.

Also, how long did it take for your score to rebound after each new loan?

Thanks.

Re: I have 5! - Posted by Barry (FL)

Posted by Barry (FL) on January 28, 2005 at 19:51:20:

I got mine back in July. Paid 90k cash for a shortsale and they gave me a HELOC of 100K the next month.

The 100k was 85% of appraised value, not purchase price.

Re: I have 5! - Posted by Wayne-NC

Posted by Wayne-NC on January 30, 2005 at 20:58:15:

These loans are between 6 months and a year apart. My score is 758 now and it has been there consistantly according to the consumer loan agent. Any dip in the score was obviously not effecting anything. I know that it is alot of revolving debt but it is all secured by a deed of trust. Having alot of unsecured debt may be very detrimental. This I do not have a significant amount of.

Re: I have 5! - Posted by Wayne-NC

Posted by Wayne-NC on January 28, 2005 at 20:34:02:

Very interesting to know! I bought a house in Largo, Florida for $100K that would have easily appraised for $150K and they would only lend on the sales price. They specifically told me that. I am now searching for a reason why we got different answers. My loan originated in NC. Maybe that was it. Or, you got a special deal etc. The possibilities are numerous. However, I don’t think that your loan was normal guidlines. When I was told the guidlines (April '04) that were offered to me I did not question it because I have heard of many lenders with the same terms and figured that this big bank just followed suit. I had every reason to believe my consumer loan agent, as she has done my other 3 previous loans and has been with the bank for many years before just recently retiring. Her credibility was obviously strong with me. Could she have been wrong? You seem to prove it. I am now in the process of a 6th loan and I will find out for sure.