Lined up my first deal $350k. Planned to initially fund entirely with a HELOC from my primary residence, which is owned free and clear, currently valued at 510k. Having a hard time finding a bank to HELOC over 100k. Credit is excellent, DTI low, six figure w-2 income. Not sure what the problem is. I thought the HELOC would be a breeze. Can anyone share who they used and terms as of recent for a HELOC? I'm in Florida. Thank you!
I would go sit with your favorite lender and get them to tell you exactly the problem. Your DTI will need to carry the full amount of interest payments as if you drew the entire amount out. A good lender should be able to point out exactly how much you can pull, and how you could pull more with a few tweaks.
Perhaps Ridge Lending product called All in One would suit your situation. It is a first position line of credit that later adjusts to an amortizing mortgage.
@Kerry Baird Thank you. I’m wondering how this may compare to the CMG “all in one”. I was researching it this morning. Sounds like a similar product, I will look into both (rates, fee’s, etc). Have you used the RL “AIO”?
@Caitlin Faulk , no, I haven't had the high FICO required for a little while. We also have the ability to use our VA mortgage, which has worked well for us. My knowledge of HELOCs came from a desire to get one placed on my investment properties...at some point it was deemed "impossible" to get one on a rental house. That All in One product has a number of benefits that are appealing.