I am having HELOC issues.

[Miles Smith]

I have a home that I have lived in the past few years, but I was recently transferred and no longer live in the home. I recently purchased my second home and am now looking at a potential third. I am trying to get a heloc on my first property but, now that I don't live in it, banks are not willing to go forward with it. It appraised at 460000 and I owe around 385000. Can anyone give some advice or lenders that could help me get this line of credit. Any advice would be helpful. Thank y'all.

[Kyle J.]

Originally posted by @Miles Smith:

I have a home that I have lived in the past few years, but I was recently transferred and no longer live in the home. I recently purchased my second home and am now looking at a potential third. I am trying to get a heloc on my first property but, now that I don't live in it, banks are not willing to go forward with it. It appraised at 460000 and I owe around 385000. Can anyone give some advice or lenders that could help me get this line of credit. Any advice would be helpful. Thank y'all.

Based on these facts, you won't be able to get a HELOC on this property. There are lenders that will do HELOCs on rentals, but the problem is you don't have enough equity in yours. You're at about 84% LTV on this property and that's not going to work when it comes to a HELOC on a rental.