HELOC for Self Employed (No W-2 Income)

[Dustin Sanders]

Hey All,

I'm interested in understanding what my HELOC options are to either buy more real estate or to use for business purposes. I just recently got laid off from my W-2 about a week ago (I am actively interviewing) so I wanted to know if there are HELOC options that do not validate income.

For context, I have 6 properties (4 STRs & 2 LTRs) that are all cash flow positive. Of these 6 properties, 3 of them I purchased in 2021 & 2022. I would qualify with my credit score. My previous 2 years of tax returns look good too though when I had my W-2 my DTI I believe was around 45%. This is due to the fact that 3 of my STRs do not have 2 years of tax returns.

Do I have a no income validation HELOC option or do I need to wait until I can another W-2??

Thanks in advance & any feedback is helpful!

Dustin

[Andrew Garcia]

Hi @Dustin Sanders, if the HELOC is for an investment property, you will likely need W-2 income.

Finding lenders that do investment property HELOCs is tough enough so finding one that does not verify income and does it on investment properties could prove difficult.

Your best bet would be to find a local bank or credit union and work out terms with them.

Hope this helps! Let me know if I can be of any assistance.