+1 vote
My BK will be 2 years discharged in June and I want to get a HELOC to use as down payment and for cash for renovations on a flip/investment. Subsequently, I will need a mortgage on the investment property in question.I have been working on repairing my credit and my score is 680. The BK was a Chapter 7, but I reaffirmed my house and never missed or paid late. Any advice on who to turn to or what kind of HELOC I should be shopping for? I heard FHA doesn't do any equity loans... all advice welcome. Thanks.
asked Apr 6, 2018 in Home Equity Loans by Trying to Recover

1 Answer

0 votes
You can qualify for a 85% LTV cash-out refinance loan.  Unfortunately most banks require a 7 year waiting period after CHAPTER 7 BANKRUPTCY discharged date to qualify for HELOCs. Some credit unions may qualify borrowers on HELOC after 4 years.
answered Apr 6, 2018 by GustanCho (106,540 points)

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