HELOC Question - Posted by Len Spitale

Posted by Tom (MI) on December 18, 2003 at 23:11:35:

Hi Frank. Would you happen to know the FICO score for the no doc loan at Greenpoint?



HELOC Question - Posted by Len Spitale

Posted by Len Spitale on December 06, 2003 at 16:40:44:

-After many years of study and thought, I’ve finally decided to “jump in the water” and make 2004 my action year
for real estate investing. Here’s the scenario :

My home will be owned free and clear in a month or two, with comps in the area of about 430-490K
It could use a little work so I believe it would appraise out on the lower end of the range.

Q: Is there a bank or company that would just use comps or drive-bys to appraise, for a home equity line of credit?

Also,would I qualify lets say, for a 300K line with a no income/asset/credit check? My income seems OK, (90-100K), but my fico is a bit lacking at the moment (610 or so).

I love the CRE sites and appreciate any insight. Hope to post my success stories this coming year!


Re: HELOC Question - Posted by Mike

Posted by Mike on December 10, 2003 at 11:28:03:


You can get up to 100% value of your home on a LOC as long as your FICO stays over a 580. There are many companies out there who are aggressive with these scenarios. Please email me if you have any questions. Thanks!


Re: HELOC Question - Posted by Frank Chin

Posted by Frank Chin on December 07, 2003 at 06:41:32:


If you’re in the NY Metro area, give Greenpoint a try. I got “NO DOC” NOO mortgages, as well as a “NO DOC” HELOC from them.

While I believe your FICO is borderline, and they give 65% LTV with no major problems. I vaguely recall their programs start at 620 FICO. But FICO’s fluctuate, and you might be at 630 in two months with a paid off mortgage.

There are “stated income” loans around, but some bankers feel the additional documentation not worth the trouble. For the “NO DOC’s”, Greenpoint just looks at the FICO, and the Appraisal. They call their loans “TRUE NO DOC”

I use the loan officer operating out of the Flushing Main Street Branch of Greenpoint, and I’ll give you his name and phone number if you’re interested. I had several other people from CREONline contact him in similar situations.

Frank Chin

Re: HELOC Question - Posted by Catherine

Posted by Catherine on December 06, 2003 at 18:05:05:

I just did a No-Doc equity line with Wachovia Bank. I have a good FICO but work freelance. My line is for up to 65% of value interest only for 20 yrs.
Good Luck.

Re: HELOC Question - Posted by Ledeen

Posted by Ledeen on November 02, 2005 at 13:10:05:

Where can I get a HELOC Line of Credit with a score in the low 600 (I think about 609) I have almost 50% equity (house worth 850000 and first mortgage is 450000. Verifiable income, low debt to income ratio. Only bad is relaly my credit score. I did recently refinance, but the work I had done on my home was faulty and now I have to get it all redone…