Posted by Reggie on March 25, 2001 at 11:49:31:
I’m a mortgage broker and I do quite a few HELOC loans. Self-employed borrowers can be the most difficult to approve depending on how you report your income. Nevertheless, lenders have devised a loan called a “stated or no income verification” loan that helps us to get the self-employed approved.
ED (and others),Need info on HELOC - Posted by Bryce
Posted by Bryce on March 22, 2001 at 12:52:17:
ED,
I am working on obtaining HELOC but am trying to find one that is for self employed. The verifying income seems to be the problem. I have talked to some lenders; haven’t made an application yet; but want to make sure I’m after the right financing first. Is there a difference with each lender? the docs required, LTV, etc.? I have more to call and would appreciate your advice. Maybe I’m looking in the wrong places, and not asking the right questions.
max LTV 78%
Thanks for any responses received.
Bryce