No Doc HELOCs or first mortgages still available?

I know this has been posted before, but it seems that the underwriting standards are changing weekly.

We are moving into a house that I rehabbed that is free and clear (in FL). It’s worth about $150K and I’m looking to get about $100K out of it to invest in other properties. My FICO is in the mid 700’s but I cannot document my (little) income for the last year. My wife can document hers but it likely will not meet necessary debt ratios. How hard do you think is would be to get a mortgage or HELOC on this property. The house we are moving out of now is fully mortgaged and we will be renting it, not selling.

If you know of banks that are still doing this, please let me know.



I forgot to add that I am self-employed. My S-corp is a little over two years old but last year it made less than $40K.

You can do a stated income/stated asset to 70% with those credit scores.

if a persons score was that low they could try for FHA. Other than that I would say they are out of luck.