Zillow Advice: Home Equity Loans - Getting a home Equity Line of Credit http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ Zillow Advice | Zillow Real Estate Let's just say, buying another ... http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ Let's just say, buying another real estate investment property with the proceeds is not the favorite one. Don't volunteer that info. Yes some will ask. Don't lie, either. Manual Underwrites are rare. Maybe someone else will list lenders who will. AFR, Clear Vision, Flagstar. Talk to a FLA Broker.<br/><br/><img width="250px" height="200px" imagetype="8" uploadtype="new" imageid="X1-IA3343ipfc5a760000000000_kk9go" src="http://photos1.zillow.com/o_a/ISliohjpfc5a760000000000.jpg"/><br/><br/> Fri, 15 Nov 2013 21:15:00 GMT http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ 2013-11-15T21:15:00Z I'm a soccer fan as well! ... http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ I'm a soccer fan as well! <br/><br/>Who does old school underwriting? You got me curious about not telling anyone the purpose of the money, do some lenders require a reason? Some discriminate based on reason? Which is a good one, which one is a bad one?<br/><br/>Thanks! Fri, 15 Nov 2013 20:51:00 GMT http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ 2013-11-15T20:51:00Z chicoIt means old school ... http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ chico<br/>It means old school underwriting. The automated underwriting system isn't used. It is still based on Credit Score, and history, but it is a more detailed examination of the facts. It is more costly, therefore rare. Clerks can't do it. An actual experienced underwriter has to.<br/><br/>When a loan is run through the automated underwriting system the human phase of underwriting is now actually thought of as "validation" of the automated system's findings. A recent college grad with a power-point guideline presentation can figure it out.<br/><br/>Sorry if this is vague. I'm watching three Soccer matches, at once. <br/><br/>PS Try not to tell anyone else why you want to borrow this money, unless they make you. Headaches will be spared. Fri, 15 Nov 2013 20:44:00 GMT http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ 2013-11-15T20:44:00Z Thanks for the help guys, ... http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ Thanks for the help guys, my credit union say they could probably do the loan but it will be 5.25% and around $500-$700 in fees for the home equity line of credit. Called Quicken Loans and they seem open to do a Home Equity Loan (not line of credit). So I might give it a shot. I'm just concerned that all these hard pulls are going to hurt my Credit Score when I'm sooooo close to qualifying, if I wasn't so excited about the property that I want to buy I would definitely wait 1 or 2 more months and I'll probably qualify for a line of credit with a better rate. <br/><br/>Hamp, what is "manually underwrite"? Is that when they don't base almost everything by the credit score? If so this would be a very good advantage for me b/c I'm in a very good position economically. What banks/institutions do this?<br/><br/>Thanks. Fri, 15 Nov 2013 20:28:00 GMT http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ 2013-11-15T20:28:00Z Have you tried other lending ... http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ Have you tried other lending options outside of banks? Banks are not the only lenders out there that can help so don't be afraid to go check out other lenders as well. You should definitely look into a home equity loan more and find other lenders that can hear you out and help. So if you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck! Fri, 15 Nov 2013 20:11:00 GMT http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ 2013-11-15T20:11:00Z You need to tell everyone ... http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ You need to tell everyone that you ask for a phone app/quote about the short sale, else-wise you're wasting economic resources (i.e. time). Your credit score is practically irrelevant when followed by the short-sale factoid. <br/><br/>You are theoretically eligible for a Fannie Mae loan, up to 80% CLTV, two years out from the sale date of a short-sale. In this case, with some lenders, you may also need to increase credit score, from 666 to 680, to get approved. Some lenders will allow lower scores, but your pricing will suffer. You will also need a lender that is willing and able to "manually underwrite" your loan file. Not all lenders do this. Thu, 14 Nov 2013 22:10:00 GMT http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ 2013-11-14T22:10:00Z Hi,Thanks Bobby, what other ... http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ Hi,<br/><br/>Thanks Bobby, what other information other than the above in my original post would be needed to have a better credit/income profile? <br/><br/>I talked to my credit union over the phone, gave them the info about my credit score, income, properties and debt and they said they might be able to do a 5.25% with $700 fees up front. What type of loan are you talking about the 2-5%?<br/><br/>Thanks again. Thu, 14 Nov 2013 21:38:00 GMT http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ 2013-11-14T21:38:00Z Depending on the program, ... http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ Depending on the program, your rate could be anywhere between 2-5%, it's really hard to determine without having all the details.&nbsp;<br/><br/>You can repay the loan at any speed you would like, once your payments are determined you can repay the loan at an accelerated pace in order to pay it off in 2 years.&nbsp;<br/><br/>For example, on a $50,000 loan and 3% interest rate, your monthly payments would be $210.80. Of course anything you pay above that would go directly towards paying off principle. These numbers are not based on your credit/income profile, I used it purely as an example.&nbsp;<br/><br/>Does that help? Thu, 14 Nov 2013 20:38:00 GMT http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ 2013-11-14T20:38:00Z Hi Bobby,Thanks for the answer, ... http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ Hi Bobby,<br/><br/>Thanks for the answer, I'm open to other types of loans, basically I want to get some type of loan about 50K to buy and fix up a house, I think I can pay off this loan in the period of 2 years. What could be my options? How much could I end up paying in interest + any fees if I stick with a 2 year repayment plan?<br/><br/>Thanks. Thu, 14 Nov 2013 19:36:00 GMT http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ 2013-11-14T19:36:00Z With our bank your problem ... http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ With our bank your problem isn't as much the credit score, but more the short sale. We need 5 years since short sale for a stand alone Home Equity Line. Very few banks offer stand alone Equity lines, and when you add the short sale it makes it even harder.<br/><br/>I have a question, have you considered a different type of loan? I know we have multiple cash-out programs that allow for your 2 year old short sale, and some of our ARM programs have similar rates as Equity lines. You can always secure the cash out right now, and then once you've have seasoning on your short sale, transfer the the Equity Line.&nbsp;<br/><br/>Something to consider.&nbsp; Thu, 14 Nov 2013 19:26:00 GMT http://www.zillow.com/advice-thread/Getting-a-home-Equity-Line-of-Credit/518970/ 2013-11-14T19:26:00Z