Please HELP with a high LTV HELOC

sd2734 · Joined: 12 Dec 2006 Posts: 8

I am looking to get a HELOC at above 90% LTV. The property is free and clear and was purchased in 09/2007 in Pennsylvania. My credit scores are in the high 700s.
Ideally, I would prefer a no doc/stated income loan, but my understanding is that this might not be available anymore.
Does anyone know which banks might be able to help me?

Thanks,
Simon

liverichly · Joined: 10 Feb 2005 Posts: 195 Location: Orange County, CA

I'm not aware of any mortgage lenders doing stated/reduced doc 2nd mortgages above 80% CLTV anymore. The other issue you might have is using a value that is higher than the sales price, most lenders are looking for 12 months seasoning owning the propety before they'll use a value higher than the sales price... some need just 6 months.

sd2734 · Joined: 12 Dec 2006 Posts: 8

Thanks Shane,

If no doc/no asset is unavailable I can do full doc by adding my wife.
As of now I am going ionto my 7th month of ownership for the seasoning.
Any suggestions on lenders?
Sincerely,
Simon

liverichly · Joined: 10 Feb 2005 Posts: 195 Location: Orange County, CA

I'd start with who you bank with, usually can get very good HELOC terms from your own bank. If not, CitiBank has some good HELOC programs.