Quick description: I have approx. 125k of equity in my home. 17 years into the mortgage, solid credit and never missed a beat on payments. Downside: We're in the restaurant business, if you're familiar then you know how we old school the income. I bought my home before I joined the family store, so income was not an issue then, but now it's a different story, I wouldn't show enough income to qualify for what I have. Are there bank statement HELOCs available? Google has not been terribly specific with search results. Thanks.
When I got my HELOC on my home, I don't think they asked for any backup documentation. They did a drive-by appraisal and I think I paid $100. This was with the same bank that held the mortgage, so they made it REALLY easy.
They did pull credit, but I think that’s it. You may want to ask the bank who holds your first mortgage (assuming you have one).
Thanks for the quick reply. Chase holds the note and I haven't contacted them yet. Not sure if I should. I don't show a lot of income, but solid deposits for years and strong credit.
You might want to take a look at the All in One HELOC, which is associated with a checking account so funds can go in to pay the balance down and then can be pulled out for unexpected expenses.
As far as bank statement HELOCs, you will want to call your local lenders, banks, community banks, credit unions and the like. Possibly regional banks would do, but the small locals will offer local solutions.
Bank underwriting guidelines come in tiers with respect to the documentation requirements (I was a credit officer for 25 years). For instance, if a loan is above $250K, banks are required by regulators to have an appraisal done. Regarding income documentation, what they require will change from bank to bank. They are not supposed to tell you their guidelines, but many lenders will do so if you ask. I wouldn't go to the newbie banker that is sitting at the front of the bank. If you know a higher-up bank officer, give them a call. There might be a dollar amount, say $50K or $25K, where no income docs are required.