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Old 02-04-2009, 04:33 AM
 
11 posts, read 19,379 times
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Any one know of any Banks in the Charlotte area that will do an equity line up to 90% Combined Loan to Value.... Have a 1st mortgage at $200K and need a $70K HELOC...... House value is $300k...... Seems like all banks are at 80% CLTV now?????? Any suggestions
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Old 02-04-2009, 04:41 AM
 
7,104 posts, read 9,698,581 times
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In summary, how many pesos do YOU have in the deal? Your cash?
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Old 02-04-2009, 04:58 AM
 
876 posts, read 3,481,517 times
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hmmm...goodluck. not may folks doing HELOCS anymore at 90%
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Old 02-04-2009, 08:33 AM
 
Location: Charlotte, NC
7,041 posts, read 13,104,253 times
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...nope. And, they definitely won't do them behind a USDA loan.

For some areas, the CLTV is 70% or lower. Depending upon how rapidly the value is dropping in that zip code....

not to mention the fact that next quarter, they might just close the HELOC down. (if the are looses value)
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Old 02-04-2009, 08:36 AM
 
Location: New Jersey
1,181 posts, read 2,746,163 times
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Absolutely not! What guarantee does the bank have that your house will sustain it's value. Based on what happened with the mortgage and housing industries, banks don't take such risks any longer.

Many banks don't do second mortgages at all any longer.
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Old 02-04-2009, 09:14 AM
 
Location: Charlotte, NC
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HELOCS are the riskiest home loan program out there. Banks are being VERY cautious with them!
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Old 02-04-2009, 10:09 AM
 
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I think OP is yanking our chain. Then again, what do I know about buying houses with no money in the deal during the biggest housing crisis since the fall of the Roman Empire.
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Old 02-04-2009, 10:11 AM
 
11,836 posts, read 25,432,978 times
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Countrywide would probably give you one, although I don't know if they'd give you the amount that you're looking for.
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Old 02-04-2009, 10:29 AM
 
Location: New Jersey
1,181 posts, read 2,746,163 times
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Quote:
Originally Posted by johne482 View Post
I think OP is yanking our chain. Then again, what do I know about buying houses with no money in the deal during the biggest housing crisis since the fall of the Roman Empire.
I think you hit the nail on the head.
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Old 02-04-2009, 11:00 AM
 
Location: Charlotte, NC
7,041 posts, read 13,104,253 times
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Dude claims to be a mortgage broker, too...
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