Profile picture for drwesoch

I need to borrow money from my home's equity. I need my loan approval to be based solely on assets.

I need to access my home's equity.   My approval needs to be based on my assets as I have been a full-time student for 3.5 years.  I have no loans on my home currently.  I need to access some cash and payoff my debts with the equity in my home--of which there is plenty.  Please help! 
  • June 10 2010 - US
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Answers (9)

Profile picture for Peter Paul1
Try your own bank or a credit union.

Tags:- Quick Quid  |  Quick Loan
  • July 01 2010
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See your email
  • June 10 2010
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Profile picture for drwesoch
DIR meaning debt to income ratio, sorry.
  • June 10 2010
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Profile picture for drwesoch

Regarding my credit....aside from having too much unsecured debt.  I have always paid every single bill on time.  A few years ago my score was 850, but I'm sure my DIR has changed that.

  • June 10 2010
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Profile picture for drwesoch

I purchased my home 12 years ago (way before going back to school).  My local bank has already said they have no programs like that one and recommended I find an investor.  How? I have no idea.  I am in Wheaton, Illinois.  If you have any contacts out here that could help please let me know.  Thank you so much for your time and help.

  • June 10 2010
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What state are you in and how is your credit?
  • June 10 2010
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$1M? How did you qualify to purchase the home if a student, was the home gifted to you? If you only need a 25% or 35% LTV, you may try your own bank. If that doesn't work you may be able to get a hard money line of credit but expect to pay 12-15% interest with prepay penalties.  
  • June 10 2010
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Profile picture for drwesoch

My assets are my home's equity and personal belongings.  I know this is a tough one.  If I liquidated I'd be over a million, but am trying not to do that as my problem is temporary and it would break my heart to sell my home.

  • June 10 2010
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That will be hard to find, converting a liquid asset(s) to a self paying annuity for income qualifying stopped about a year ago ( Fannie/Freddie). What type of asset do you have? If publicly traded stock you could borrow against that at about a 4% rate. Have you tried your own bank or credit union? 
  • June 10 2010
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