HELOC above 80%?

more information? my income is fine. perfect credit score. only one 80% mortgage. I've moved in already...love my home but the HELOC thing really bugs me,especially after I realized that I was cheated by Sovereign bank. I'll never use them again.

Wells will go to 85 but only if your first is with them. Who is your first with?

citimortgage. hmm.any suggestions?

Did you ask them?? Thought they would go to 89.99% or at least 85%

Bank of America will go up to 85% depending on the area (it has to be in a non-declinging market.
)

citi won't do anything above 80%.
I got a message that I'm conditionally approved for the 85% at wells fargo. Hope it goes through.

Wells has actually been pushing their Heloc products to us but we can only do them if they have the first as well. Very often retail gets to play by different rules than the wholesale. My friend just got Prime -1 from commerce on a 2nd home. They might be worth a phone call. I know he has a business relationship there though.

thank you Mortgageman. My rate at wells is 7.29%.If Commerce is lower, I might go with them. Does it hurt credit scores a lot if I apply for HELOCs with three banks within a week? Thanks again.

I dont think you should have a problem. The system is set up to shop around with in a certain time frame (think its 2 weeks). Good luck

try Capital One bank and Commerce, they are both offering very competitive heloc rates right now and i think both go to 90%.

On a related note, is it a condo or co-op? If it's a co-op that required 20% down, won't they have a problem with this? Sorry if I'm getting away from the topic.

Thank you mbrokerNY. I'll give a try also.
Mortgageman787, thanks again.
Tenemental, mine is a condo. So I'm not sure about the coop. Sorry.