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We own a condo as an investment (we rent it out)and do not have any mortgages on it. We would like to take out an equity line on it (we were thinking about 150K it is worth 450K) and want to do it with a low doc (stated) application. Does anyone know if this is possible?? From what I am finding there don’t seem to be stated equity loans for investment properties anymore – only for first mortgages. From what I understand we can avoid all the closing costs of a first mortgage with an equity line… is this true? It just seems crazy to me that we can’t get a loan since we owe nothing on it, but maybe this is the new mortgage environment? Any help greatly appreciated!