edp1959 0 Report post Posted January 24, 2004 I'm new at this. I may be close to getting my short sale offer accepted by the mortgage company. The purchase price is $53K and with some work the property should sell for $110K. I would like to get an additional $10K for the improvements. I have a mid score in the 580's, can I get financing for the entire package upfront or do I have to own the property for a while before I can get an equity loan? I will be living in the home until the work is done and then I will sale. Share this post Link to post Share on other sites
designtech 0 Report post Posted January 24, 2004 For an owner occupied property you can get a Home Equity Line of credit up to 100% CLTV. Are you trying to get a no doc loan, stated income or full doc. On first mortgages the bank will loan you on the lower of the purchase price or appraisal, but you can get a HELOC after you purchase it. To refi the property you would need to be on title for at least 12 months. Share this post Link to post Share on other sites
edp1959 0 Report post Posted January 25, 2004 A full doc loan is OK with me. How long after the purchase can I get the HELOC? Do you have any suggested lenders that I should contact? Share this post Link to post Share on other sites