HELOC Bank Statement income verification?

[Jessica Parker]

Hey BP'ers! So I am trying to get a HELOC on my home right now to use for investing purposes. I was turned down due to my income not being high enough on my w2s. I currently own my own business and have lots of write offs and pretty good income (just not on my tax returns). :( Does anybody know of any companies doing a HELOC and basing it off of bank statements alone? I think that is the only way I'm going to be able to qualify for one.

[Torrell Palmason]

With your recorded income being low it really limits your options to just the Non-QM banks statements. Non-QM bank statements are a Mortgage, no HELOCS will be available as they will always be a full Documentation loan

Hard Money is an option for a flip if you had a down payment. Hard money is only non-owner occupied and is generally 6-12 months term. This is a great option for a flip or BRRRR. We have a Hard Money loan program that given the right circumstances can cover 100% of purchase and rehab. PM me for details.

Best of Luck!