Rental income considered for HELOC
We recently applied for our firs HELOC on our rental property which has experienced significant appreciation.
We both have decent paying W-2 employment jobs plus the rental income (45200 or so annually) the 2 companies we applied at have had a cap of only taking/accounting for 75% of the rental income and applying it to our Debt to income ratio- leaving me short of what I was expecting to be eligible for in the line of credit. The benefit to this lender happens to be the willingness to go up to 75% LTV on the rental.
Has anyone come across a lender with better options with respect to considering rental income for the HELOC income portion?- for us I am not necessarily looking for the better LTV but really the cap on the debt to income due to their guidelines.
Much obliged!