HELOC on Vacation Rental Property?

2 Replies

My husband and I own a vacation rental property on Cape Cod. We have a mortgage of $315K on it. I believe it will appraise between $530-$550K. Can we get a HELOC on it? Or what would be our best bet in pulling out equity? Note: me and my husband's credit scores have dipped to 655 due to our first Fix and Flip (financed it with personal money and credit cards, long story.) With such low credit scores, would we qualify for a HELOC or cash our refinance?

Thanks for the advice!

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