Self-employed (newly), can I get a HELOC to get my business started?

You must have documented income to support the debt, so you won't have any success with the mortgage route. Consider an SBA loan through your local bank. They may use your home as collateral, but if you have a good business plan to present, you may have some luck. Check out the SBA website: http://www.sba.gov/loanprograms

The Financial Reform Bill HR4173 signed into law by President Obama on 8/1/10 outlaws stated income and no doc loans.Section 1411 reads:"'(4) INCOME VERIFICATION.-A creditor making a residential mortgage loan shall verify amounts of income or assets that such creditor relies on to determine repayment ability, including expected income or assets, by reviewing the consumer's Internal Revenue Service Form W-2, tax returns, payroll receipts, financial institution records, or other third-party documents that provide reasonably reliable evidence of the consumer's income or assets..." For this reason, there is no conventional conforming lender in the US that can lend you without verifying your income.. however, when it comes to hard money lenders, they rely on the statement that says "...or other third-party documents that provide reasonably reliable evidence of the consumer's income or assets" Obviously, this is open for interpretation, and for most hard money lenders, a bank statement showing enough deposits into your account monthly to pay your mortgage payment is sufficient.. be advised that most hard money lenders have pretty harsh terms.. high rates, 3-8 points, etc.. but it can be a viable source for funds.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

I don't know of any residential mortgage loans that you would qualify for but I do have a commercial option available for start-up business financing. Click on my name at left for contact info and send me an email if you would like more info. Thanks and good luck!

For a General Conventional or FHA loan you need to have a current verifiable income which sounds like you don't so you will need to find a Stated loan program OR if your married just refinance with your wife's income. If not, you are in a pickle.

If you are 62 or older you might consider a reverse mortgage. The line of credit program has a built in credit line growth. Please contact me if you need more information.

It is unlikely you will be able to get a home equity loan. You are missing out on one of the biggest questions. Without documentable income, they have no way of determining your ability to repay the loan. Once your been self-employed for two years, they will use the average of those two years of returns to determine your income.

Yes, with a Reverse Mortgage. To qualify, you need to be at least 62 years old. Income, credit and employment aren't considered.

A private lender may make an equity loan, at a higher interest rate than a bank HELOC.

Residential loan will require 2 years of self employment but as others have mentioned you do have options with a commercial loan.

Need verifiable income, or you can try a reverse mortgage or commercial loan.