I keep running into the same problem. I had some financial issues last December and got 2 months behind. I got caught back up but they keep telling me I need 12 months of on time payments to qualify. Do you know of any lender that does not have this requirement. I've had the mortgage for 7 years and literally those 2 months were the only late payments and I fixed the issue. It amazes me that I can pay on time for 7 years and have a little financial problem and it disqualifies me completely. Makes no sense
@JayCosta Question: can I get a home equity if I have tax bills for two years. Scenario, I filed late, 2022 & 2023. I have the option to either pay in installments or in 180 days. Is it better tin the eyes of underwriting to have an installment or a pay in full 180 days? I have 62% equity with 643 give or take and DTI of less than 30% and income of $50k plus. Any suggestions or direction. Rocket approved me for $15k but it’s cash out refi. What are your thoughts?
Thanks again Jay for another awesome idea ! What are some of the best questions do I need to ask my lender & do they need to know what we’re planning on doing with the HELOC ? I started the process online locally with a credit union & spoke to him on the phone .
Jay, if I have a HELOC and the market goes down but I always paid my HELOC on time, can the lender still request a full payment? Or because I don’t have any financial issues to pay, the can’t do it. Thanks,
I keep running into the same problem. I had some financial issues last December and got 2 months behind. I got caught back up but they keep telling me I need 12 months of on time payments to qualify. Do you know of any lender that does not have this requirement. I've had the mortgage for 7 years and literally those 2 months were the only late payments and I fixed the issue. It amazes me that I can pay on time for 7 years and have a little financial problem and it disqualifies me completely. Makes no sense
@JayCosta Question: can I get a home equity if I have tax bills for two years. Scenario, I filed late, 2022 & 2023. I have the option to either pay in installments or in 180 days. Is it better tin the eyes of underwriting to have an installment or a pay in full 180 days? I have 62% equity with 643 give or take and DTI of less than 30% and income of $50k plus. Any suggestions or direction. Rocket approved me for $15k but it’s cash out refi. What are your thoughts?
Thanks again Jay for another awesome idea ! What are some of the best questions do I need to ask my lender & do they need to know what we’re planning on doing with the HELOC ? I started the process online locally with a credit union & spoke to him on the phone .
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I get paid 6 figures and 0 debt Home all paid for. Credit score 618 - still can;t get a HELOC. - The system is broke
Thanks jay. Do you think i could get heloc on payed off property? Like land or other investment property not being my main house?
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Hey Jay, are there any other loans for house hackers that are less than 20 % ?
House hacking? Use FHA.
Jay, if I have a HELOC and the market goes down but I always paid my HELOC on time, can the lender still request a full payment? Or because I don’t have any financial issues to pay, the can’t do it. Thanks,
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Can i get heloc if i have mortgage with my wife? Do both have to apply ? How would this work ?
I think you can
Spoke with Rocket mortgage today and they said they could do that as a last resort. I’d say they prefer just one guarantor though.
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