Get Ahead With MortgageDepot’s No-Income HELOC Program!
A home equity line of credit (HELOC) is a common way for homeowners to get their hands on the money they need to accomplish pricey goals. This loan type allows a homeowner to borrow against the equity they have in their home to get the job done.
Unfortunately, some lenders have pretty strict requirements regarding HELOCs. Many require proof of a steady stream of income to let you even come close to getting approved! We all know that the working world doesn’t operate like it used to, and 40-hour-per-week jobs are a thing of the past. Can you still get a HELOC if you have a tough time proving steady employment?
Yes! At MortgageDepot, we understand that just because your paycheck arrives on a different schedule, this doesn’t mean that you shouldn’t have a chance at a HELOC. We partner with lenders who share this philosophy to offer a No-Income HELOC program to our valued clients.
Why Do I Need a HELOC?
If you want the comfort of knowing that funds are ready for you when you need them, a HELOC might be an option. Here are a few things a HELOC can help you do:
- Consolidate debt
- Fund large-scale home improvements
- Pay for college or other types of tuition-based education
- Purchase another piece of real estate
- Support your business goals
Our No-Income HELOC Program
Our No-Income HELOC program requires no proof of income or employment, allowing clients who are retired, in the midst of a career change, or who have a nontraditional work schedule to potentially qualify for a line of credit. Here are a few additional program highlights:
- No minimum credit score is required.
- Applicants must have at least 12 to 24 months of PITI in a reserve account.
- Only single-family residences, condos, or multi-family homes with between one and four units are eligible for the program.
Contact MortgageDepot Today!
There are many reasons why you might not have the steady income stream that lenders like to see. This doesn’t mean that you don’t deserve a HELOC to help you take your real estate, business, or personal goals to the next level! Contact us today to learn more about what a No-Income HELOC can do for you!
Connect with one of our loan consultants for more information.