Posted by stan on March 24, 2006 at 14:06:48:
Some allow HELOCs on investment properties, others only on your primary residence.
stan
How to get $$ out of 2nd home, no mortgage? - Posted by jason
Posted by jason on March 24, 2006 at 12:23:55:
I plan on having a home finished in 2 months. I just signed the docs.
What kind of loan is available to pull the $$ from the home, preferrably a HELOC.
Right now, to my dismay, my mid FICO is 680-ish. The home will appraise for 50,000. I own it, no mortgage. I currently carry a 15k HELOC on my primary. I have a few c-cards, and 2 are maxed (0
% for life discover and CITI…cant pass up free money). I only SHOW about 35k/yr income gross. I have monthly obligations of 1800 or so.
What can be done? HELOC on a second home?
Thanks guys!
ANYONE??? - Posted by jason
Posted by jason on March 25, 2006 at 19:54:46:
Does anyone have any input? I’m in OHIO
What LTV would I be looking at? Stated okay? Will they accept a lease on the current property as proof of income?
Anyone?
Re: How to get $$ out of 2nd home, no mortgage? - Posted by JoeA
Posted by JoeA on March 24, 2006 at 12:33:39:
yes, you can get a HELOC with your scores…even stated income.