What are the guidelines that banks are using for Home Equity Lines of Credit?

Answers:1   |   LastUpdateAt:2012-09-28 22:03:03  

Asked at 2012-08-18 07:38:30
I asked this question in a different section and have only gotten a response that is not at all what I'm asking , so I 'm asking again.

I would like to consolidate some debt . I know that banks are having a difficult time right now. I was wondering if anyone knew what they were getting HELOCs guidelines ( equity lines of credit )? My husband and I started new jobs recently, but both have excellent credit ? Any idea what the debt - income ratio is that they are looking for and if all banks are making loans complete documentation?

I understand how a HELOC. I used to work at a mortgage company . I just need to know what the current guidelines and qualify . I know the questions to ask lenders. I do not know how all things happening in the economy has changed the guidelines, and I worked there (1 1/2 back).

Specifically :

Combined 1 and HELOCs will be 80 % loan to value. How many years of employment is not required? That can be overlooked by the fact that we both have a physicist in the mid- 700 ? Not all lenders to prove your income now rather than go stated income ? What debt to income relationships need to qualify?
Answer1ganeshbabuAnswered at 2012-09-28 22:03:03
If you've been betting the same place for several years , come and talk to a loan officer . You should be able to get their guidelines without having to apply for a loan . If you fit the profile , go ahead. Otherwise , begin to retire debt without a new loan. MedlinePlus MedlinePlus I agree that this is the time to batten down the hatches .
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