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" The existing first is $192,000. Stated income, with no credit reports. Is there anyone out there that might do such a loan?"
Short answer...... NOPE!!
If you got a loan and no credit report was used, you had one heck of a lender or you have one heck or a high rate. What you are seeking is called a HELOC, "Home Equity Line of Credit" and there are lenders that will do them based on stated income BUT a credit report will be required and the mid score will have to be in the 700+ range.
There isn't a HELOC lender out there that will do what you are asking for because 2nd mortgages are high risk.
Good Luck in your search
Dallas Allbritton
Branch Manager
615-361-1738 Office
615-361-1408 Fax
615-512-9173 Cell
-------Original Message-------
Date: 09/28/04 11:12:59
Subject: [RealEstate] Equity Only 2nd
I'm looking to get a 2nd on my home valued at $265,000. I am
looking for a loan based on equity only at a 90% loan to value
ratio. The existing first is $192,000. Stated income, with no
credit reports. Is there anyone out there that might do such a loan?
Thanks.
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