Looking For 125% HELOC On Owner-Occupied
Anybody know of any low cost 125% HELOCs out there? I financed 100% during purchase last August with an 80% I/O loan and the 20% as a HELOC. I would like to roll the 20% HELOC to the new 125% HELOC and consolidate unsecured debt. Please PM or email me if you know of any lenders or brokers that offer the above. Appreciate it very much.
Depends on new appraisal. If it goes high enough might be done.
Man you are reaching 125%. Perhaps on your next purchase you could ask for the Seller to give you cash on top of purchase.
I am impressed. Wish I could do that.
Only happened once before. That was an A frame I purchased from an REO, seems it was about to change Zip Codes as the pilings had failed to penetrate the overburden on original construction. Seems the builders was in a hurry, so he shorted the foundation and the supporting pilings.
I took the building into my name. The bank (hoping it would not rain before close) gave me a loan which covered my purchase (really cheap, I mean why not a hillside A.Frame with failed foundation?) This loan also covered the cost of the jacking and new pilings and ties to corrected foundation etc. Lots of fun underneath an A frame on a steep downslope loft and the thunderclouds are a gathering. My Latino crews were knocking off the Hail Mary's by the hundreds. Put additives in the concrete so they would set up faster. Beat the rain in by about 12 hours. Fun.
Lucius
125% ltv Mortgages are not cheap.
The rate is around 14.75%. The loan must be full doc and the debt ratio must be 45% with 1500 disposable income. If you qualify there are several banks in Ca. who do them. You can either go off of the tax assessment or get an appraisal.
Hope this info helps
Lori
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