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Home equity loan

I am 3 years out of foreclosure, looking to get $100K Home Equity Loan to pay off debt., $620K FHA loan by harry_p01200 from Forest Grove, Oregon. Sep 29th 2015 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

More info is needed, but in general, FHA for Washington county is capped at $362,250 for a single family home.. if you own a 4plex and live in one of the units, then you can go as high as $695,650, but to do a cash out, you would need to be at 85% loan to value ($591,000 max loan) for FHA on a 4plex in Washington county.. So I'm not sure what you mean when you say $620K FHA loan?? But when it comes to home equity loans, these types of loan are much more risky since they are in 2nd position.. for that reason, the underwriting guidelines are more strict.. its unlikely you will find a lender willing to do a 2nd on a borrower who is 3 years out of a foreclosure.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Sep 29th 2015
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Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 598 contributions

This sounds a little confusing. If you are looking for a home equity loan you are probably going to have trouble with only being 3 years out of the foreclosure. Oregon FHA loan limits are much lower than the 620K you mention. There is a possibility you could look at a FHA cash out refinance to pay off debt but much more would need to be discussed. I am a local Oregon Lender if you want to discuss your options further.Derick Condrondcondron@rightstartmortgage.com

Sep 29th 2015
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j

Sep 30th 2015
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