How to pull $$ out of 2nd home, no mortgage... - Posted by jason

Real Estate Investing Real Estate Financing
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Posted by jason on March 24, 2006 at 13:52:22:

To clarify,I know I COULD get aloan, but what’s the probability of a stated loan? What rates/points/fees? What lenders would be a good one to start with?

Thanks

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How to pull $$ out of 2nd home, no mortgage… - Posted by jason

Posted by jason on March 24, 2006 at 13:51:13:

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!

(sorry for re-post)

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Re: How to pull $$ out of 2nd home, no mort - Posted by James Strange

Posted by James Strange on March 25, 2006 at 07:47:09:

The 2 maxed out credit cards are pulling your FICO down.

The loan size and HELOC mean using local banks.