We apologize, but the forums are closed for new posts. Click Here To Join The Unemployables Facebook Group

Welcome, Guest. Please login or register.
July 25, 2021, 10:18:29 am
Home Help Search Calendar Login Register

Welcome, Guest. Please login or register.
July 25, 2021, 10:18:29 am
Home Help Search Calendar Login Register

Author Topic: home equity as downpayment  (Read 2219 times)

Offline peanutty

  • Member
  • *
  • Posts: 17
home equity as downpayment
« on: June 30, 2005, 12:03:10 pm »
i'm having trouble finding a place to give me a heloc because the home is an investment property. anyone else have these problems?

Offline richmortgagebroker

  • Member
  • ***
  • Posts: 344
    • Loans 2 Investors specializing in your unique needs
Re:home equity as downpayment
« Reply #1 on: July 01, 2005, 02:21:02 am »
It only depends on the LTV that you are trying to get

NOO properties are considered a high risk and if you would default the HELOC or second could lose all of their money thus they are careful about these types of deals

Your credit score als plays a factor

and what style of loan like stated income or a NINA or some thing like that would increase the risk of the loan

Do you have a primary residence or is it maxed out also?

On primary Res or OO home the lenders take greater risks
Craig and Laura Richins
National Loan Brokers
866-582- 4451 EXT 6743  Office
www.loans2investors.brokersme.com

Offline peanutty

  • Member
  • *
  • Posts: 17
Re:home equity as downpayment
« Reply #2 on: July 01, 2005, 11:08:38 am »
Hi. Would it be easier for me to find an alternate source for a downpayment, even like a credit card? The house i"m trying to get is inexpensive, like 45k. Is that just easier?

Offline rbaxter

  • Member
  • ***
  • Posts: 339
    • Denver Mortgage Lender
Re:home equity as downpayment
« Reply #3 on: July 02, 2005, 05:03:22 pm »
That would probably be easier.  However, most lenders will not let you borrow on a credit card for a down payment.  The down payment must be seasoned which means the money has been in your bank account or some other accessible asset account for at least 2 months.  You can also get a gift from a family member, but unless it is 20% of the purchase price, most lenders will still require that 5% of the money comes from you and is seasoned.
RJ Baxter
Branch Manager- Fairway Independent Mortgage Corp
http://www.rjbaxter.com/

Offline richmortgagebroker

  • Member
  • ***
  • Posts: 344
    • Loans 2 Investors specializing in your unique needs
Re:home equity as downpayment
« Reply #4 on: July 05, 2005, 05:19:40 pm »
Hi. Would it be easier for me to find an alternate source for a downpayment, even like a credit card? The house i"m trying to get is inexpensive, like 45k. Is that just easier?


You can even do a seller paid grant program if that would work

You could also sell something for the down

You are dealing with a loan amount that is below that min of most lenders at 50k so you will need to watch for that because it could be difficult to get a loan for under 50k plus your down
Craig and Laura Richins
National Loan Brokers
866-582- 4451 EXT 6743  Office
www.loans2investors.brokersme.com

 




SMF 2.0.15 | SMF © 2017, Simple Machines