HELOC qualifying income level

1 Reply

Hi,

I'm planning to get a HELOC on my primary residence next year as soon as I file 2018 taxes. I've found a CU lender who does 100% LTV and no cap, so I plan to use that as a 20% down payment on a 4 unit investment property (I have a different lender who will lend if all 4 units together cover the PITI 100%).

The CU takes last 2 tax years Sch E profit as qualifying income, in addition to my regular 9-5. We already have 4 rental properties and will be showing some profit on 2018 Sch E. The exact number depends on how much I'd need to qualify for the full amount of HELOC - we can simply push some maintenance items from this year into 2019, reduce expenses in 2018 and realize higher profit.

I looked all over for an advanced HELOC calculator that could give me the number after I plug all relevant numbers (amounts, debts, income, interest rate, DTI lender accepts etc.) but all I could find are simple ones with only a few parameters.

I was in contact with CU but the key person is off for the rest of the year and I need that number before the clock runs out.

Does anyone know of a calculator available online, or is willing to run the numbers on their in-house / internal / super-secret qualification tool? If so please PM me :-)

Thanks!

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here