Looking for a heloc lender

[Eli Fackler]

Hello, I am wondering if any lenders offer helocs that don’t look at tax returns as much and more the value of the house? I own my home outright and I am self employed. I have only had my business for 2 years and the first year there wasn’t much profit so when lenders go to average the past 2 years I never qualify for anything. Just wondering if anyone had any insight or could point me in the right direction. Thank you!

[Jeff Roth]

Hi Eli from Toledo Ohio-

Great question! You are self-employed and own two houses that are paid for and would like to get a Home Equity Line of Credit (HELOC) that is not based so much on your income as your business is growing.

If you have rental income coming in on one of the houses, you cans use the rental income to qualify for a HELOC and not so much your own income statements.

I do have a lender in Ohio that does this and can provide their contact information if interested.

Happy to help!