topic Re: Is it true that Chase will do heloc on non-occupied at CR 560?? in General Credit Topics

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

Anonymous — Wed, 10 Oct 2007 13:20:49 GMT

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!!

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

Anonymous — Wed, 10 Oct 2007 14:52:44 GMT

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

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

illcrew3 — Wed, 10 Oct 2007 17:54:28 GMT

What is heloc?

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

Anonymous — Wed, 10 Oct 2007 18:00:50 GMT

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.

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

illcrew3 — Wed, 10 Oct 2007 18:03:49 GMT

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.

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

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

Anonymous — Wed, 10 Oct 2007 18:05:55 GMT

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

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

illcrew3 — Wed, 10 Oct 2007 18:10:28 GMT

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

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

Anonymous — Wed, 10 Oct 2007 18:12:45 GMT

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.

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

illcrew3 — Wed, 10 Oct 2007 18:26:09 GMT

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.

Thanks

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

Anonymous — Wed, 10 Oct 2007 18:27:38 GMT

U welcome

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

Anonymous — Wed, 10 Oct 2007 23:35:55 GMT

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.

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

Anonymous — Thu, 11 Oct 2007 00:01:07 GMT

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.

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...

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

MidnightVoice — Thu, 11 Oct 2007 00:04:56 GMT

Right now, the banks are leery of anything at all

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

Anonymous — Thu, 11 Oct 2007 01:00:14 GMT

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.