Posted by Rehabber-Mi on May 05, 2006 at 16:26:51:
I am looking for a HELOC to finance the completion of my investment home in Michigan. Does anyone know of a lender that offers a HELOC without requiring a full appraisal? My local bank told me that I was approved for an HELOC pending a driveby appraisal, but now a week later they are requiring a full walk thru appraisal. They claim that this is due to the fact that I purchased the property so far below market value that they now want to go inside the house. I am afraid if I move forward with the walk thru, that the condition of the interior will cause my loan to be denied since I am not done with the rehab. If anyone can help, let me know. I can go 80% LTV and have a 690 fico.