Updated almost 6 years ago on . Most recent reply
Opening HELOC on Primary Residence for LLC financing.
Hello Everyone! Quick question. I just spoke to Navy Federal in regards to Opening a HELOC on my primary residence. Due to my current DTI it would be hard for me to get financed on another conventional mortgage. That being said I planned on taking $100k out and using that money to finance the down payment on multiple properties financed through a commercial lender utilizing my LLC due to no restrictions on DTI. On the phone they said the only real stipulation was you can't use the HELOC money t for a business...Is this typical with most HELOCs and is there a way around this or an alternative option with what I am trying to do? Thank you very much in advance.