Posted on: 22nd Dec, 2010 04:45 pm
Does anyone do in PA?
I own the home, in my company name, want to transfer to a friend, he will take out a HELOC, is there a seasoning issue, banks give conflicting amnswers, have tried TD Bank, no, Soverign maybe, Wells yes and no!
I dont want to deed the home over and then get denied.
I own the home, in my company name, want to transfer to a friend, he will take out a HELOC, is there a seasoning issue, banks give conflicting amnswers, have tried TD Bank, no, Soverign maybe, Wells yes and no!
I dont want to deed the home over and then get denied.
Hi paulcitihome!
Welcome to forums!
As far as I know, there is a 90 days seasoning period requirement when a person applies for HELOC.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, there is a 90 days seasoning period requirement when a person applies for HELOC.
Feel free to ask if you've further queries.
Sussane
Thats the first I heard 90 days! everyone who said seasoning was required said 6 months. 90 days would be ok, do u know a lender in PA?
Hi Paul,
You can contact the local lenders and check if they can give you a mortgage. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them. This will help you know whether or not you can qualify for such a mortgage.
Thanks
You can contact the local lenders and check if they can give you a mortgage. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them. This will help you know whether or not you can qualify for such a mortgage.
Thanks
Paul,
My partner and I just took out a heloc with Sovereign and we had owned the property less than 6 months. I am not sure of there exact waiting period.
Tru Mark Financial Credit Union has no seasoning requirement, but you must become a member. I do believe they require credit score to be over 700 for investment property and will go up to 70%.
My partner and I just took out a heloc with Sovereign and we had owned the property less than 6 months. I am not sure of there exact waiting period.
Tru Mark Financial Credit Union has no seasoning requirement, but you must become a member. I do believe they require credit score to be over 700 for investment property and will go up to 70%.