90-95% HELOC with desktop appraisal or low/interest only payments

[Stuart M.]

I'm not interested in solely "the best rate" but I'm interested in HELOCs with good features.

For example, some banks/credit unions/etc do 90-95% CLTV HELOCS with a desktop/automated appraisal. (The property is in Palm Beach County, FL, but I will check if they lend in Florida if you give me a name.) I already have a bank that will do 80% on desktop appraisal of $485k, and I could pay more to get a higher appraisal, but a 95% CLTV will get me a $130k HELOC ($70k more) and if its desktop, I don't have to pay for it. Or if you know of a place that pays EVERY fee - including the appraisal.

Also, if you know of a bank that does low minimum monthly payments, usually interest only, or say .5-1% of outstanding balance, as opposed to 1.5%-2%. My 80% HELOC option is interest only.

[Chris Mason]

HELOC lenders have no federal backing, no Fannie, no FHA, no Freddie. They have to risk balance.

I think you're unlikely to find a HELOC that just mushes together all the (from the bank's POV) high risk & low profit things you like form a bunch of different feature combinations. That would be a really quick way to go out of business.

Like asking for stated income hard money at 5% interest only no appraisal zero points... sure, a HML could do that. And they'd just go out of business by the time their 5th loan closed, no question about it.