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.

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Common misspellings: mortage and morgage