HELOC qualifying income level

1 Reply


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 :-)


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