Profile picture for HouseConcern

Free and clear investment property, no job, can I still get an HEL on the house?

Very good FICO, significant bank assets. Will being unemployed mean I'm out of luck? Will owning the investment property (single family house) outright help me at all? Thank you.
  • May 02 2009 - US
  • 0Yes

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Answers (4)

Profile picture for ACI Broker
Well your good for hard money because its asset driven, as far as an institutional investor giving you a loan your more then likely gonna be out of luck because of your job status.
  • May 02 2009
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Profile picture for HouseConcern
Thanks for your response. So they won't count bank funds and interest income, only income from a W2?
  • May 02 2009
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If you have substantial assets in a bank and a relationship with that bank that goes back a few years, you can probably get a low LTV Heloc. Answer this:
How many homes do you own?
Amount of Assets in the Bank?
Amount of Passive Income / Year?
Thanks
 
  • May 02 2009
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Profile picture for ACI Broker

Clay, 

In this market without a current job, no institutional bank is gonna take the risk. House, with hard money you can state your income because they are interested in the equity leverage they will have in your home, thats how they will secure the loan they give you.

  • May 02 2009
  • 0Yes

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