Investor · Bartlett, IL · Member since 2014 · 170 posts · 10 votes
Can anyone suggest a lender who might do a second position HELOC that verifies income for a self-employed borrower using business/personal bank statements or stated income instead of tax returns? This is for a primary residence in Illinois.
I've spoken to a number of lenders in this space over the last few days and confirmed that to be the case. If 100% of non-QM hasn't disappeared overnight, 98-99% has. I guess the silver lining is that many of these lenders expect it to resume as quickly as it disappeared if and when market conditions stabilize from Corona.