Investor · Ambler, PA · Member since 2016 · 12 posts · 3 votes
is there a bank/lender that allows for one year of tax returns. for a HELOC? I have $225K+ equity in my home, at least and the ability to pay off the added debt. My 2020 tax returns during covid do not reflect this but my 2021 returns do. I am starting to reach out for Hard Money lenders within my own contacts now, but prefer to use a HELOC if I can as a first option.
HELOC programs dropping the product like pancakes. You need 730 middle FICO, same line of work three years, and reserves. What state, property type, owner occupied, and all the ins and outs.
HELOC programs dropping the product like pancakes. You need 730 middle FICO, same line of work three years, and reserves. What state, property type, owner occupied, and all the ins and outs.
Hi @Nick Militello when you say that your 2020 tax returns do not reflect it, what does that mean specifically? I might have a product for you but it really all depends on what that means.
If you feel more comfortable sharing in private, feel free to message me.
My 2020 returns were poor because of covid and lack of work. My 2019 and 2021 returns were both good, but my bank only cares about previous two years. I have a credit score that bounces between upper 700's and 802 as my highest and have owned my small business for 20 years. I have $40K in the bank and owe $118K on a $500K personal house. However my debt to income ratio because of my 2020 returns are holding things up. I will be working with my family to borrow money for 12 months to purchase and rent stabilize my target property. Once the 12 months of income is shown, I should be in a different situation.
Andrew, Thank you for the offer and I will keep you in mind for the next project. I have two cash lenders that like the deals I have found and trust my business sense to fully finance my first BRRRR. This first project could potentially be a Home Run with my first time at bat. I am making sure I keep the whole process well documented to share with the community the steps I took. Having looked at other peoples first deals has inspired me and I hope to inspire others. Or at the very least educate them on my missteps.