Is it true that Chase will do heloc on non-occupied at CR 560??

[Anonymous]

I read this on a post about a week ago, and I'm wondering if anyone knows if this is accurate.  It seems to good to be true....but a desperate person has to ask!!

[Anonymous]

It is my understanding banks get jumpy on funding anything they know is non occupied unless it is rental- and you can show them it is rental- and the likelihood of it being rented again after heloc is very good.

please anyone feel free to correct me if I am wrong.

One more thing- it is going to be challening to get a heloc at 560 anywhere- and the terms you would get would be horrible.

JMHO.

PM Mortgage guy. He is in reality

[illcrew3]

What is heloc?

[Anonymous]

See "Guide for Common Abbreviations" in the Understanding FICO scoring topic. We use a LOT of abbreviations here. I've printed them out there's so many.

[illcrew3]

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Sylviatob wrote:
See "Guide for Common Abbreviations" in the Understanding FICO scoring topic. We use a LOT of abbreviations here. I've printed them out there's so many.

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I use to lok at this all the time but i can no longer find it. do you have a link?

[Anonymous]

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=5000

[illcrew3]

Sorry if I'm dumb and blind but i don't see it there either.

[Anonymous]

They may not have updated the Abbreviation list. Sorry I sent you on a wild goose chase.

HELOC stands for Home Equity Line Of Credit.

[illcrew3]

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Sylviatob wrote:
They may not have updated the Abbreviation list. Sorry I sent you on a wild goose chase.

HELOC stands for Home Equity Line Of Credit.

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Thanks

[Anonymous]

U welcome