Investor · Fort Collins, CO · Member since 2019 · 11 posts · 0 votes
Hello everyone,
I need some advice regarding a HELOC.
My primary residence (located in Colorado) has approx. $130k equity that i'd like to tap into and use toward more real estate. The problem is my current day job is primarily commission based that i've only worked for 8 months, therefore i don't qualify for a HELOC. I have talked to a few big banks and credit unions in my town and the short answer i've received is NO because the co-signer (my father) does not live in my household and is not on the deed.
My question: Does anybody know anywhere I can open HELOC using a co-signer?
Keep calling. Try talking to the smaller lenders and see if they offer flexibility that the larger ones do not. You may want to consider talking to a mortgage broker or asking the banks you do call if they are aware of any lenders that can help you.
@Bob Okenwa Thanks for the tips! Thats exactly what i've been doing this week, so far no luck. The closest i've gotten in my search is a home equity loan which I can use as a backup. The mechanics of a home equity loan vs a HELOC aren't as favorable, for my needs anyway. The search is still on!