All Forum Posts by: Jose Diaz

Hello to all. My wife and I are interested in obtaining a HELOC from a property we recently purchased. The property has more than $100k in equity however we are wanting to obtain 75-100k. We recently got denied at Bank of America for a HELOC and their decision was based on a bankruptcy that we have close to 3 years ago. They expressed their "wait" time for accepting applications is 4 years from date of discharge.

I was considering using lending tree as a means of being guided to lenders that may vary on their "wait time" but wanted to ask here if there is a general wait time for obtaining a HELOC? Is anyone aware of lender requiring less time?

Thank you

We are looking to purchase in Virginia. We have income based repayment plans at the moment.thank you for the response.

Hello to all,

Hope everyone is well. My wife and I are looking forward to purchasing are first home in the near future (Northern Virginia). We read a few months ago that FHA had changed its guidelines regarding student loans and now currently uses actual monthly payment of loans vs 1% payment of total loan amount. This is a break-through for us as it allows us an opportunity to purchase a home.

In speaking with different lenders we are finding that some are choosing to use .5% rather the FHA guideline. How come lenders are not following the guidelines and does it just come down to finding a lender that will follow the new guidelines?

Thank you

Jose