I am a self employed, trying to get a heloc , I can't find a bank to lend me ($100000) they offer ($45000) !! the mistake I made is when doing my taxes return I took all my deductions! then I appear to make a small income monthly (the banks take in consideration your income after deductions!!!!! I didn't know that or I would go easier on the deductions!!!
my question is what bank ,or what loan can I ask for to get at least $65000!!! to pay off my credit cards and use the rest for down payment for a quadplex ! I have equity on my house (more then 150000) and there is only $ 70000 left in my mortgage!
I have been self employed for more then 4 years,
and how about this cosigner ? does he have to be a family member?
what are my best options???? thank you
I'll start by saying that I am no financial expert. My first piece of advice (and probably one you don't want to hear) is to get the credit card debt paid down before asking for a loan. Debt to Income ratios are huge factors when banks are deciding to approve a loan for you. This may take a while, but will help drastically. It will also help bring up your credit score which will make getting a loan easier. It may take a few months, but this will have lasting effects as long as you don't go crazy with the credit cards!
The second thing I would tell you is to find a bank that does in house loans. These are portfolio lenders and they tend to be a little more lax on their loan approvals. All you have to do is ask the lender if they keep their loans in house.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing