HELOC for Self Employed Individual
Can anyone recommend somewhere that does HELOC on primary homes for Self Employed Individual ?
Pretty much any bank will give you a HELOC if you have 2 years tax returns and profit/loss statements (assuming you meet all their other standard requirements).
I tried PNC Bank at first and they were a nightmare. Wasted 4 months in underwriting and they did two wrong appraisals that were way undervalue. I went with a small local bank after that and it was a night and day difference in experience. Our home appraised $28k higher and we closed on the HELOC in less than 2 weeks from start to finish. I highly recommend using a small bank verses a large national bank that is handled online. I can call the president of the bank we used anytime and we texted throughout the 2 week process with any questions/updates. It took weeks to get a response from PNC anytime I had questions.
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#1 Creative Real Estate Financing Contributor
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@Ashley Corbett the "self-employed" piece of this is not the issue - the issue is what income do you have to pay the loan back? For example, if you don't show any income on your tax returns - that will limit who you can use. If you do show income, but write it all off - more banks will lend to you.
This is a very "local" type of question. So I would suggest to go to facebook and join some of those "North Carolina Real Estate Investing" pages. There are several and some that are Greensboro specific. They will have hundreds and thousands of members in those pages. Ask this question in those pages. It is likely that a smaller, more local bank will be the right path for you to take.
Hope all of that makes sense. Thanks!
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