Posted on: 10th Jan, 2009 11:42 pm
looking to get a "stated income" heloc on a property in az to buy an income property in ca...i have a house worth about 205,000 in mesa az, i have a good credit score (750), and only owe 125,500 on the house. i want to purchase a property in imperial county ca that is listed for $40k and rent it out. i would be interested in either a heloc, or a second mortgage. is this doable in this day and age?
Since you have a good credit score, you may qualify for the stated income Heloc. I hope you have enough equity in your home or else it'll be difficult to get the loan. What I'll suggest is that you have a talk with the lenders in this community. Just go for a no-obligation free consultation on the right mortgage with the lenders here. They'll help you to explore various options before you choose the best for you.
may god bless you.
Samantha
may god bless you.
Samantha