Posted by steve on June 15, 2005 at 13:11:45:
the property is in CA. are there any other suggestions and how do they work?
no doc heloc for oo rehab - Posted by steve
Posted by steve on June 14, 2005 at 20:56:42:
i have owned and live in the property for four months. i have rehabbed the inside and would like to get a heloc to rehab the outside. i am looking for a no doc equity line. the financing is at 80/20 (150,000/35,000). credit score is 720. there is 60,000 in equity. i would pay off the second and use the rest for the exterior. this is my first property and i think im on the right track. is this posssible?? if so how?
Re: no doc heloc for oo rehab - Posted by Tim
Posted by Tim on June 22, 2005 at 14:52:26:
Sorry I’m so late with this reply, hope it helps. I’ve done what you’re doing several times. Done it several ways, but the best in terms of lowest cost to service the debt was a cash-out refi that resulted in a first mortgage only (consolidated any existing loans into one). Done it several times. You say you’re new to this. Do you intend to stay in the house, or is it intended as an investment? If the latter, don’t borrow more than 80% or so of the after-rehabbed-value of the house.
Re: no doc heloc for oo rehab - Posted by Devon Daughety
Posted by Devon Daughety on June 14, 2005 at 23:18:18:
I doubt you will able to be able to find a no doc line of credit anywhere. The best you will probaby be able to do is a stated line of credit. How are the rates?? You might have better luck doing a cash out refinance… what state is the property in?