Reply to I need about $20k to get us through a layoff-home equity loan?

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Reply to "I need about $20k to get us through a layoff-home equity loan?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The time to get a line of credit on your house is when you are still employed. [/quote]

It doesn't help OP but it is a good takeaway to get that set up, in case. [/quote]

Her husband is employed as a professor.  [/quote]

Would they be approved for a home equity line on DH's salary alone?  It seems they can't really make the mortgage on his salary, so how could he make payments for a home equity loan on top of that?  I would imagine these are things the bank would be looking it in deciding whether to give the line or not.[/quote]

I think so.  He makes 120k and they have at least 750k in equity in their house.  [/quote]

Not a chance in HELL an underwriter would approve this HELOC. You still have to go through underwriting and prove you have a healthy DTI. OPs statement was "[i]In theory, he could cover the mortgage though if we just didn’t pay other things.[/i]"  This scenario leaves no room for the HELOC payment and certainly way above any sort of standard DTI threshold.

Her options are really simple. Find a job, borrlw from family/friends, or sell the house. If she does not find a job soon then the bank will make that choice easy for her.[/quote]

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