Posted on: 27th Sep, 2008 12:12 pm
i have a primary residence with:
first mortgage 237,000 with hsbc.
and a home equity line in my primary residence based in a business account with wachovia for the value of 75,000.
the market value in this moment for my property is around 250,000.
two questions:
-will i be able to refinance the home equity line regardless that the loan is against a business and not a personal loan. will be some restriction when the home equity line is a business. will i meet the guidelines to do the adjustment with the mentioned equity line?
-has been published the guidelines for the home rescue bill?
first mortgage 237,000 with hsbc.
and a home equity line in my primary residence based in a business account with wachovia for the value of 75,000.
the market value in this moment for my property is around 250,000.
two questions:
-will i be able to refinance the home equity line regardless that the loan is against a business and not a personal loan. will be some restriction when the home equity line is a business. will i meet the guidelines to do the adjustment with the mentioned equity line?
-has been published the guidelines for the home rescue bill?
Hi lupogiorgio!
Welcome to Forums!
I think there will be some restriction when the home equity line is a business. According to the home rescue bill, only those owner-occupants who are unable to afford their mortgage payments are eligible for this program. Neither investors nor investor properties will qualify for this program. Homeowners have to certify, under penalty of law, that they have not intentionally defaulted on their loan and must have a mortgage debt-to-income ratio greater than 31% as of March 1, 2008. Lenders will have to document and verify borrowers' income with the IRS. You will have to contact your lender to know whether you will qualify for the loan.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
I think there will be some restriction when the home equity line is a business. According to the home rescue bill, only those owner-occupants who are unable to afford their mortgage payments are eligible for this program. Neither investors nor investor properties will qualify for this program. Homeowners have to certify, under penalty of law, that they have not intentionally defaulted on their loan and must have a mortgage debt-to-income ratio greater than 31% as of March 1, 2008. Lenders will have to document and verify borrowers' income with the IRS. You will have to contact your lender to know whether you will qualify for the loan.
Feel free to ask if you have further queries.
Sussane
Hi lupogiorgio!
Investors and investor property does not qualify for the home rescue bill. So I don't think home equity line you will qualify for a loan.
Thanks,
Jerry
Investors and investor property does not qualify for the home rescue bill. So I don't think home equity line you will qualify for a loan.
Thanks,
Jerry
jerry and sussane, neither of you recognized that the home equity account mentioned is on his primary residence, and therefore not an "investor" loan.
nevertheless, based on the numbers you've shown us, lupo, it would seem that you're unlikely to be successful in refinancing. there would appear to be a severe lack of equity.
nevertheless, based on the numbers you've shown us, lupo, it would seem that you're unlikely to be successful in refinancing. there would appear to be a severe lack of equity.
