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  1. #1

    owener occupied LOC/asset paid off

    Greetings All,

    Hope everyone is enjoying the long weekend. I have a client who owns a house, paid off, seeking a LOC/loan for 200k. Property is paid off, Harris County Appraisal District (TX) values the property at 400k. Clients FICO is 613ish. This seems to fall in line with a HELOC, banks, however, seem less than interested. Can anyone advise options? Thanks in advance.

  2. #2
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Experian boost, credit repair, then credit union for HELOC.

    Can't do hard money on owner occupied property.

    A local NMLS licensed loan broker might help - maybe using bank statement program?

    Reach out to these guys consumer division and see if they can help - or refer you to someone...

    Tim Donoghue, NMLS 2105208
    Loan Officer | American Heritage Lending, LLC
    E: tim.donoghue@ahlend.com
    P: 800-731-9226 x389
    D: 949-365-4698
    M: 860-819-0474
    www.ahlend.com
    Last edited by Olderguy; 05-29-2023 at 10:39 AM.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
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    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
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  3. #3
    Thank you Olderguy. Will definitely reach out.

  4. #4
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    I work with a company that will facilitate your client transaction please email me at: nationwiderealestatesolution@gmail.com

  5. #5
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    Quote Originally Posted by L&R Houston View Post
    Greetings All,

    Hope everyone is enjoying the long weekend. I have a client who owns a house, paid off, seeking a LOC/loan for 200k. Property is paid off, Harris County Appraisal District (TX) values the property at 400k. Clients FICO is 613ish. This seems to fall in line with a HELOC, banks, however, seem less than interested. Can anyone advise options? Thanks in advance.
    As advised above you will need a license mortgage broker. no private money. And few lenders will consider due to homestead laws in Texas

    www.omegafund.com

  6. #6
    This is the information I need. Many thanks to all for your advice

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