thefed
Thinks s/he gets paid by the post
- Joined
- Oct 29, 2005
- Messages
- 2,203
Why, oh why, is it so hard for me to get a loan on an investment property?
I bought it for 12k 1 month ago, it recently appraised for 49k. I put 10k into it, along with 500 man hours of labor.
I'm in OHIO, and having a helluva time getting a HELOC against the home.
My debt-to-income ratio is fine, 45%. credit is okay, 680. I own the house ouright. I only want to take out 75-80% of the value of the home.
BUT, I keep getting turned down for different reasons. The main ones are:
"We cant use the new value of the home til you've owned it 6 months (or 1 year)"
"Your monthly debt is $37 too much for us to approve you"
"We cant do a HELOC in first position. We want to be the second lein holders"
"we can do it, but only to a 50% LTV"
Any ideas? Lenders? Contacts?
Thanks
I bought it for 12k 1 month ago, it recently appraised for 49k. I put 10k into it, along with 500 man hours of labor.
I'm in OHIO, and having a helluva time getting a HELOC against the home.
My debt-to-income ratio is fine, 45%. credit is okay, 680. I own the house ouright. I only want to take out 75-80% of the value of the home.
BUT, I keep getting turned down for different reasons. The main ones are:
"We cant use the new value of the home til you've owned it 6 months (or 1 year)"
"Your monthly debt is $37 too much for us to approve you"
"We cant do a HELOC in first position. We want to be the second lein holders"
"we can do it, but only to a 50% LTV"
Any ideas? Lenders? Contacts?
Thanks