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Updated almost 7 years ago on . Most recent reply

User Stats

79
Posts
38
Votes
Daniel Weed
  • Rental Property Investor
  • Bellevue, NE
38
Votes |
79
Posts

Trouble finding a HELOC in Arizona

Daniel Weed
  • Rental Property Investor
  • Bellevue, NE
Posted
I've been calling around and searching online for a HELOC in AZ since that's what I continually see recommended as a way to get money to use as a down payment. The problem I'm having is that a lot of the lenders I talk to don't offer them. Of course even though I tell them what I want and they say they can help me, after 20 minutes into the conversation they only give me options to refinance or give me a horrible second mortgage offer. Also, never ever try lending tree for anything. I was just looking for a HELOC there and now I've received over 25 phone calls from lenders thinking I want to refinance my mortgage. And none so far that I've actually talked to has offered a HELOC. Can anyone help me? Also, since a HELOC or equity loan would increase your debt service, how do you then qualify for yet another loan to buy a property? Trying to explain what I'm looking to do based on the strategies I find here to these guys has been giving me a nasty headache. They also will only look at my taxable "net income" after accounting for insurance, management, depreciation, etc. to use for my dti. This, of course, is a very insignificant number. So really what I'm looking for is a good company to use that will give great rates for someone with an excellent credit score that would like to put about 20-25% down partially using home equity and will look at projected income of the property that I'm wanting to purchase. Any suggestions would be great.

Most Popular Reply

User Stats

167
Posts
127
Votes
Michael Hacker
  • Investor
  • Phoenix, AZ
127
Votes |
167
Posts
Michael Hacker
  • Investor
  • Phoenix, AZ
Replied

Is the property in Pima county? Is it owner occupied or a rental? I'm surprised to hear that you are having trouble as almost all of the big banks and local credit unions offer HELOCS. Is it a LTV issue? Off hand, I know that BofA, Wells, Midfirst, Arizona Bank & Trust, Desert Schools and Credit Union West offer HELOCS. In fact, Credit Union West advertises that they will go to 100% LTV....Hope this helps - @Daniel Weed

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