Question by mindy: Home equity loan requirements?
Besides having the house what are the requirements?
what is the process they use to approve or deny you for the loan?
Do you have to have perfict credit or just a house and income?
Best answer:
Answer by Bill
You need the same requirements as if you were buying a new house. The property has to be appraised and meet the underwriting guidelines. You need good income , malady more about good credit and the house has to meet value requirements.
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Question by ZC: Does my condo have to have an active HUD status for FHA refinance program eligibility?
So I checked the HUD site and my condo project has an Expired FHA/HUD status. I would like to refinance to take advantage of the lower rates. Is there any way to for me to still leverage the FHA Short Refinance or FHA Streamline Refinance program, visit this site or do I have to go the traditional route?
Note: I am currently in a conventional, symptoms non-FHA loan.
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