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