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All Forum Posts by: Chester S. Chincuanco

Chester S. Chincuanco has started 1 posts and replied 7 times.

Post: How to tap into my equity?

Chester S. ChincuancoPosted
  • Homeowner
  • Norfolk, VA
  • Posts 7
  • Votes 2
Quote from @Chester S. Chincuanco:
Quote from @John McKee:

No, but Get the Heloc now while you have the W2 on your primary.  Once the W2 goes away it will be hard to obtain!


 I've just applied for a Heloc with Navy Federal.  I'll see how this process goes and at least it will give me a blueprint of what to strive for. 


Post: How to tap into my equity?

Chester S. ChincuancoPosted
  • Homeowner
  • Norfolk, VA
  • Posts 7
  • Votes 2
Quote from @John McKee:

No, but Get the Heloc now while you have the W2 on your primary.  Once the W2 goes away it will be hard to obtain!


 I've just applied for a Heloc with Navy Federal.  I'll see house this goes and at least it will give me a blueprint of what to strive for. 

Post: How to tap into my equity?

Chester S. ChincuancoPosted
  • Homeowner
  • Norfolk, VA
  • Posts 7
  • Votes 2
Quote from @David M.:

@Chester S. Chincuanco

Okay, but how long have you been there?  Did you just start?  Is that why you believe you need to work there for 2 years (or really two tax filings)?

I've only been at my job for a little over 6 months.  February 2002.

Post: How to tap into my equity?

Chester S. ChincuancoPosted
  • Homeowner
  • Norfolk, VA
  • Posts 7
  • Votes 2

Thanks for your insight Mr. David.

Man, unfortunately my job is hourly and not salary. 

Post: How to tap into my equity?

Chester S. ChincuancoPosted
  • Homeowner
  • Norfolk, VA
  • Posts 7
  • Votes 2
Quote from @David M.:

@Chester S. Chincuanco

It really depends on what sort of W2 job you have.  Just because you receive a w2 does not automatically relieve you of having a 2yr history.  A "true" salaried job is okay.  However, if for example you worked hourly you would normally still need to have 2 years of tax returns to show your income even if you receive a W2.  Its matter of the stability of your. income, not your employment status.  Good luck.

Post: How to tap into my equity?

Chester S. ChincuancoPosted
  • Homeowner
  • Norfolk, VA
  • Posts 7
  • Votes 2

Thank you for the solid good news Mr. Shafer. My mortgage is with PNC, but I have a personal account with Navy Federal Credit Union and VA credit union. I will immediately start calling them as well as the other smaller credit union around my city. Thanks again for heads up and encouragement to start the process instead of waiting on the sidelines for the next 1 &1/2 years. I've only been recently employed since January of this year and dread working. I want to go back to just being a landlord but need to scale up.

Post: How to tap into my equity?

Chester S. ChincuancoPosted
  • Homeowner
  • Norfolk, VA
  • Posts 7
  • Votes 2

Hi All, I've been living in my house since 2008 and been house hacking before I even knew there was a term. I currently have a full house, with 4 renters, a dog, and a 2 cats. So how do I tap into my equity to secure another property to do it all again. Must I stay at my dreadful W-2 job for 2 years to qualify for the HELOC?