Are there any heloc for rental properties with no doc and a fast close?
What state?
Credit Score?
Loan amount?
CLTV?
I am in Virginia with a credit score above 700. Currently one property is valued at 400k with 50% CLTV , one property valued at 400k with 60% CLTV. What are my options for maximizing the loan amount?
Just curious as to your request for a “no doc”. Can you explain a bit why you are looking at this product?
How long on job or history of self employment (includes rei)? Do you have income but choose not disclose?
Do you have liquid assets (checking,savings,401K) but choose not to disclose them?
If a line of credit was not available, would a balloon 2nd work? Around 90% may be possible.
I have been at my current job for several years and I have liquid assests also, I thought a no doc would be the easiest and quickest to get. I think I would prefer a heloc, but would like to hear about alternatives if that is not possible.
Stand alone 2nd would probably be your best bet. If you do not have to go no doc and it sounds like you don’t, then I would suggest full/stated documentation. This will allow higher CLTV’s and lower rates.