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Private Lending & Conventional Mortgage Advice

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Keith N.
  • Investor
  • Raleigh, NC
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187
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Lender who can do 100% LTV Home equity Loan on Primary Residence?

Keith N.
  • Investor
  • Raleigh, NC
Posted Mar 16 2017, 07:20

Hi,

I am new investor who owns both a duplex, and the current Single-Family home I live in myself. I put 3.5% down FHA on the duplex 1.5 years ago, and bought my primary 6 months ago with 5% down conventional. I live in the Raleigh Durham area of North Carolina.

Info about my finances:

Credit Score 750+

I DO have rental income from the Duplex on both my 2015 and 2016 tax returns

DTI if rental income is counted is certainly low

I KNOW that there are credit unions out there (in my area) who will do 100% LTV home equity loans, however I keep running into trouble when applying and dealing with these lenders. Examples:

Lender 1: RTP Federal Credit Union: "Must have rental income on 5 years tax returns to get this loan"

Lender 2: Coastal Federal Credit Union:  I THINK that I do in fact meet their parameters to qualify for this loan, but they are idiots and I think they're interpreting my tax returns in correctly.  They were doing this:

Expenses: Single family Mortgage  + Expenses/gain from my schedule E + Duplex Mortgage (THIS WAS ALREADY COUNTED IN MY SCHEDULE E!!!"

Does anyone know of a lender that can do a 100% LTV home equity loan in my area OR anywhere else (Raleigh, Cary, Durham, Apex, Garner, Wake Forest, Holly Springs) and is easy to work with?

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