Posted by Patrick S. Lawson on April 13, 2006 at 17:52:51:
You can use a new lease.
Need HELOC on 2nd home, owned outright - Posted by jason
Posted by jason on April 07, 2006 at 15:12:01:
Owned it for 2 weeks, will be fully rehabbed in about 6 more weeks. Purchase price 13k, will appraise at 45k…no leins.
How much can I get out? At what rates? Seasonign requirements?
I have a 680 mid FICO, only can prove 35k of annual income, mayb 10k of cc debt and a 100k mortgage.
What LTV am I looking at? What rate? Closing costs?
Im in OHIO
Re: Need HELOC on 2nd home, owned outright - Posted by Wilson
Posted by Wilson on April 08, 2006 at 12:59:42:
you should be able to get a heloc from your local bank. most banks will let you go to 90% ltv on owner occ and 80 on non owner occ. i just got a heloc from chase bank at 75% lvt(owner occ)
Re: Need HELOC on 2nd home, owned outright - Posted by jason
Posted by jason on April 07, 2006 at 15:14:41:
OH, and this is non-owner occupied, with a 2 yr lease for 600/monthly. Thanks
Re: Need HELOC on 2nd home, owned outright - Posted by Patrick S. Lawson
Posted by Patrick S. Lawson on April 07, 2006 at 17:22:54:
Depends where you are at in the rehab process. What part of Ohio are you in?
Re: Need HELOC on 2nd home, owned outright - Posted by jason
Posted by jason on April 13, 2006 at 15:46:56:
I’m in NE Ohio, Akron to be exact.
The rehab process has just begun, and will be completed son. Will they take into consideration the income to be from the lease that was just signed?