Getting a Heloc on no loan home
I am 25yrs old with student loan debt of about 40k. My credit score is approx. 720; income 45k/year. I have inherited a home with clear title valued at about 64k. I need to finance the repairs on the home at about 20k to 30k. Due to my current job which requires travel, my mailing address is Florida but I will live in the home as the primary residence. I have home owners insurance on the house and renters insurance on the Florida residence. My question is what type of financing options do I have to take money out on the repairs? I am interested in a HELOC but looking for the best option and best rates given my current situation? i.e. no appraisal, no annual fee, no closing cost, no pre-payment penalty, etc.... by akwilder716 from Aliceville, Alabama. Oct 20th 2014
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
A HELOC will give you the best terms.. typically, there's no appraisal required, but each lender is different, so some might require one.. and closing costs usually run under $1000 for HELOC's.. as far as rates, they are always an adjustable rate, and right now with rates so low, it's should be under 4%.. As far as residency, if you work in Alabama, your bank statements are Alabama, your drivers license is Alabama, your tax returns and W2's are Alabama, you will have a hard time convincing the lender that this Florida home is your Primary residence. Your better off saying it's a 2nd home since for most lending programs, the guidelines are similar to primary residence. Check with local (Florida) banks and see what they offer. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
Carmen Duerr (carmen@brentwoodloans.us)
#246 ranked lender in Florida - 4 contributions
Hello, I agree with William, a HELOC is the way to go.I am a Florida Lender and would be glad to help you. My number is 239-777-2126
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