A really strange problem......

[squeeky]

I have a strange scenario....I live in a condo that I can purchase for what is owed, about $55k. It is worth about $200k so i immediately have about $150k equity. The only way it makes sense for me to do this to immediately get a home equity loan at closing. Otherwise, I can just continue things the way they are, I really need the equity line, not the refinance or the house in my name. My credit score is 660 now but should be rising to about 700 in a few months.

Any suggestions on the best way to do this?

[firstsource]

As long as there is a condo association that is independant from the initial builder of the condo, it should not be a problem to do that.

I did not totally understand what you meant about not being in your name, because you will be on title when you purchase the home from the seller.

Take some time to discuss your goals with a Loan Officer. If all you need is access to a line of credit, secured by your home, and you don't need to use the entire line at any time, or for a lenght of time, then a HELOC is probably best. If you want the funds to re-invest in something long term, then there are lenders that will give you a loan at "current appraised value" a day after your purchase.

Charles

[squeeky]

I meant the home is not in my name now, but of course needs to be put in my name for the HELOC. Also I need to do this loan no doc as I am recently self employed.

[firstsource]

You will probably need to go stated income with your scores, as a real "No Doc" loan requires at least a 680 score. There are loan programs that will allow stated income for people that have just started in business for themselves, as long as it is in the same line of business.

Charles