Line Of Credit Requirements

I have a single family home which I will begin renting in early 2008, what are the requirements to get a line of credit to purchase anothe property?

Yes, you can. The mortgage company/ loan officer will need know where the down payment is coming from and include in your dti ratio.

2007-10-19 13:02:28 by Lear R

Adding lines of credit is a critical step in getting FHA Loan Approval for purchasing a home. It improves your credit score as well as meet the ...

I have a 800+ FICO Score, own a business and desperatelly need cash for my business i heard that a credit line was the easiest way?? HELP

That refers to a Home Equity line of credit. They don't care about your ability to repay; they are making the loan against the house. If you don't pay they get the house. That's why it has historically has been so easy.
You are refering to a letter of credit which you can tap as needed. The only bank that would consider that is one that you have used for 10 years. They can take a look at your history and make a quick decision.
Otherwise you are left with family members to help you thru a tough time..

2009-02-05 14:47:52 by Nava { RIP El-Tano }

Price: $8.95 $8.95

what is required to get approved

Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate and free consult.I came across this company on NBC News Special Edition.Check it out here:
http://flingk.com/b4briu0

2008-03-18 22:01:59 by BW

Price: $59.95

Checks for accuracy and uncovers 350+ deductions and credits including mortgage interest & charitable contributions.
TurboTax Deluxe guides you step-by-step to your maximum refund.
Audit Risk Meter helps you reduce your chance of an audit.

and have 50k money in the bank. my credit cards limit 50k . i called my bank and asked for loan. they say that i can borrow money from line of credit for 7.5 APR. i need about 100k for initial requirements for buying a 7-Eleven Franchise. thanks for any input. thanks again.

It sounds like the bank is offering you a Home Equity Line of Credit (HELOC) because an interest rate of 7.5% is too low for an unsecured line of credit. You need to know for sure, because if it IS an HELOC, you are putting up your home as collateral for the loan. If you can't pay the loan, the bank can foreclose on your home.

I assume you have plenty of money in savings to carry you through the rough spots of starting a business, because it is a concern that you want to borrow the entire $100K to get started. Have you figured out what borrowing $50K on credit cards is going to cost you? It won't be cheap.

Would it make more sense to use some of your savings for the initial costs, THEN use the credit cards if you need to?

2007-08-24 23:27:49 by SACRAMENTO

270k loan on appraised house of 475k. Wanted a home improvement line of credit for a few things. Time requirement after closing for HELOC? LTV limit? Appraisal still work for HELOC application? Had appraisal done before purchase. Looking at Bank of America (already have an account with them). They quoted 5.74% on 100k loan. Good rate? Thanks in Advance.

Of course there are many factors that determine the amount you can borrow and interest rate, including debt to income ratio. LTV may be fine if they determine it would still be 80% or less. A fixed rate is normally somewhat higher than variable rate, but would also eliminate surprise interest rate jumps that brought this country to it knees.

My lender gave me a free HELOC to borrow back paid principal when I refi'd in 2005. Its rate is variable at prime minus 0.5%, which started out in 5% range, climbed to 7.5% by 2007, and has now slipped back to 3.75% (on its way to 2.75%).

In my neighborhood, bankrate.com is showing Bank of America at 4.74% (prime + 1.49%, minus 0.25% if you auto pay). Not sure what they charge to lock a fixed rate. There is a savings & loan that shows 2.24% (prime - 1.01%) with no closing, pre-payment, or annual fees.

2008-12-20 14:29:30 by chad p