looking for HELOC in Southern California

[Rudy Dvorak]

11 month seasoned sfr, owner occupied in Santa Ana worth 1.1M +/-.

790 fico, $715k first w Chase - Chase bought loan from originator, LoanCare LLC

We have extremely low net income on tax returns for 20 and 21. wife and I are self employed managing our mom and pop development group. So if my rough estimate of 1.1m is in the ballpark, am i a canidate for a $200K heloc. I want a heloc and NOT a loan. The funds will be used to build 1 ADU on same property and for purchases and deposits EMD of real estate going forward. Happy to discuss creative ways to secure heloc asap.

thanks

[Jonathan Taylor]

@Rudy Dvorak HELOC Lenders will still run DTI calcs like when you purchased so lower reported income will have an impact on your HELOC totals. I did a HELOC on my property last year, I thought I could get 180K+ on a simple CLTV calculation but was limited due to income.

Try local credit unions on Fremont bank as they are more willing to offer HELOCs

[Nicholas Coulter]

@Rudy Dvorak I have a lender that might be able to help you out! Shoot me a DM and ill connect you.

[Benjamin L.]

also needing some options for HELOC owner in LA area. fremont bank is mostly bay area, is that still the best option?

[Stacy Raskin]

@Benjamin L., I'm a mortgage broker that works with multiple HELOC lenders. I'll send you a message as well.