Plz Help With Mortgage Ideas
Here is my situation: I have two Free&Clear 2 Family homes (in PA) that I would like to use as collateral to obtain high LTV HELOCs or Lump sum mortgages (preferably HELOCs)
Things recently changed in my life and now I want to go full-time into RE investing/Developing. I need to borrow against the above mentioned properties so I can purchase additional properties, including land.
I have rental income (from several properties) and no W2 job. I also have good credit and 2 mortgages on my credit.
I hear that it might be impossible to get a Stated Income or Reduced Doc mortgage nowadays, so I will greatly appreciate any ideas on how to approach this?
Should I just contact local banks or try to use commercial financing instead? I just want to run this by the Forum before I start applying randomly. Also, please share with me names of banks that still do Stated/Reduced Income loans in PA.
Regards,
unless your rental income is much greater than the mortgages, you wont get the HELOC. sorry,
but you have very bad timing, 3 yrs ago, you would have been good to go, nowdays, you wont even get a car loan. banks to scared to own the property if you default.
but maybe someone will give a 25% loan, id still call
The HELOC market has tightened down greatly. my CU use to go to 80% on NOO, and no will only do 65%.
W/ 30 yr money tis cheap, why would you prefer the HELOC?
Thank you guys for the prompt replies!
Well, in this gloomy scenario what are my options?
I am pretty much open to any suggestions?
CJ, would I be better off (with respect to the possibility of getting) a Lump sum mortgage?
Again, any lender suggestions?
Best regards,
If you can put the lump sum of funds to use, them it might be a good way to go.