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HELOC Loan Scenario

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HELOC Loan Scenario

I'm looking for a HELOC or home equity loan.  Except for having mid 600 ficos, I can't believe it is this difficult to pull out some equity from this property.   Here's the scenario.

 

Owner occupied Triplex located in San Pedro,  CA

Rental income:  $38500/ annually

My income:  $110k W2

Spouse's income: $40k, 1099 - self employed, 27 years in same profession

DTI not including rental: 30%

 

Property:

Approx. Value: $930,000, we were in escrow a year ago @ $930k with multiple offers. 

Mortgage Balance:  $501k

Current payment: $2800

 

I would like to pull out $150k for repairs on the property, and payoff about $15k in debt. 

 

Thanks in advance for any help. 

 

 

 

 

 

 

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Re: HELOC Loan Scenario

It's not that hard to get a HELOC, only question is if you can stomach the rate.  Home equity loan is basically full monty as I understand it, probably not what you want.

 

I'd start by pretty up my revolving balances (if possible), then see where I was on a couple of critical credit scores, and then start talking to lenders, credit unions are good places to start.  HELOC's aren't nearly as standardized as a second mortgage / home equity loan is, so lenders are all over the map as a result. 

 

Since you're a fellow resident in San Pedro, if it were me I'd talk to Unify CU (formerly Western FCU) locally first and maybe only since they explicitly will do a HELOC on multi-tenancy places and their UW guidelines aren't onerous; your likely only issue is finding places that will do a HELOC for your multi-tenant situation: if we were talking single family house you probably would be swimming in offers heh.




        
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