Investment Property HELOCS/PELS

Are there any banks still doing investment property HELOCs based on desktop reviews, stated income, and credit scores? Which ones?



JohnCl

Comments(1)

  • NewKidInTown36th January, 2008

    Bank of America gave me two investment property home equity loans in 2006. Stated income, credit scores and property appraisal were all that I needed -- No tax returns, no financial statements.

    Because I was using an investment property to secure the LOC, the credit line was capped at $100K or 80% CLTV, whichever was lower. Each credit line has a 15 year life.

    I have no idea whether BoA has chenged their qualifying criteria since I got my credit lines.[ Edited by NewKidInTown3 on Date 01/06/2008 ]

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