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

[Anonymous]

Not sure about Chase, I know you def. couldn't at WaMu.  WaMu just changed their policy this past month of Stated Income as well.  Before, if you were auto approved, and the line/loan amount was 250K and under, it was ALL stated income, owner occupied and non-owner occupied.  No docs, at all.  NOW, on ANY non-owner occupied properties they require income documnetation, no matter WHAT the Fico.

[Anonymous]

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m77573 wrote:

Not sure about Chase, I know you def. couldn't at WaMu.  WaMu just changed their policy this past month of Stated Income as well.  Before, if you were auto approved, and the line/loan amount was 250K and under, it was ALL stated income, owner occupied and non-owner occupied.  No docs, at all.  NOW, on ANY non-owner occuhyopied properties they require income documnetation, no matter WHAT the Fico.

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Is it true that banks do get testy about funds for non occupied housing? (Housing that you can't verify will be rented etc?)  Was just wondering...

[MidnightVoice]

Right now, the banks are leery of anything at all

[Anonymous]

Thanks for the feedback.  My score is better than 560 but not a whole lot...647 at TU.   We are renting the property so maybe that will help us.

I appreciate the thoughts.