Trouble finding a HELOC in Arizona
I've been calling around and searching online for a HELOC in AZ since that's what I continually see recommended as a way to get money to use as a down payment.
The problem I'm having is that a lot of the lenders I talk to don't offer them. Of course even though I tell them what I want and they say they can help me, after 20 minutes into the conversation they only give me options to refinance or give me a horrible second mortgage offer.
Also, never ever try lending tree for anything. I was just looking for a HELOC there and now I've received over 25 phone calls from lenders thinking I want to refinance my mortgage. And none so far that I've actually talked to has offered a HELOC.
Can anyone help me? Also, since a HELOC or equity loan would increase your debt service, how do you then qualify for yet another loan to buy a property? Trying to explain what I'm looking to do based on the strategies I find here to these guys has been giving me a nasty headache. They also will only look at my taxable "net income" after accounting for insurance, management, depreciation, etc. to use for my dti. This, of course, is a very insignificant number.
So really what I'm looking for is a good company to use that will give great rates for someone with an excellent credit score that would like to put about 20-25% down partially using home equity and will look at projected income of the property that I'm wanting to purchase. Any suggestions would be great.