HELOC in 3rd Lien Position

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HELOC in 3rd Lien Position

Brock Steger
Investor · Charlotte, NC · Member since 2020 · 3 posts · 0 votes

Does anyone know of a lender who will provide a HELOC on a primary residence in the 3rd lien position? The second lien is from some downpayment assistance, and it will be forgiven in about 8 months so I'm not interested in paying it off. However I've also confirmed they will not subordinate their position.

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  • John Teachout
    Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
    5y

    I would think a lender would not be willing to do any type of loan in a third position. They would have very little security.

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  • Brendan Miller
    Rental Property Investor · Gilbert, AZ · Member since 2020 · 210 posts · 163 votes
    5y

    @Brock Steger, not sure about 3rd position, but you could reach out to PenFed Credit Union. I used them for a couple HELOCs on a primary and investment property earlier this year. A lot of lenders have stopped issuing HELOCs so I'd assume a lot are being more conservative with underwriting also. It's worth a try to give PenFed a call though

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