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Updated over 2 years ago on . Most recent reply
No or Low Income Home Equity Loan
Does anyone know a no or low income Home Equity Loan lender? Is there no such thing any more? I don't want to refi. as I only need 50K from my equity and don't want to give up the great rate I got 18 months ago. I don't have great income on paper as I sink all my income back into the business. Any creative ideas such as a bank statement or P&L statement equity loan would be welcome as well.
Great credit, but, on paper, not great income. Have $170K+ in equity, but need $50K out. Any ideas are appreciated.
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#2 Short-Term & Vacation Rental Discussions Contributor
- Olympia, WA
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#2 Short-Term & Vacation Rental Discussions Contributor
- Olympia, WA
That is interesting. I have never heard of a no-income loan. Maybe a DSCR loan as it relies on property income generation rather than your DTI.
Otherwise most lenders want to see their loans get paid back and you need an income for that.