Question:

Can I get a home equity line of credit (HELOC) with only stated income documentation?

Answer:

Yes, getting a home equity line of credit (HELOC) with only stated income is possible. If your credit score is in very good standing (usually 680+), you will not be asked to prove income. If you are commissioned or self-employed, that will be your best choice.

When approaching a lending company for a HELOC loan, be sure to ask them to walk you through the home equity line of credit. You may even be able to qualify for a HELOC rate below the prime rate.

HELOCs are often offered under stated income /no income/ no assets requirements, depending on the lender and your credit score.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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