So I had a home that I was trying to apply a HELOC loan as a primary residence, but not for me, but I would be a co-borrower.
Anyways BofA said the house could not be up for sale (so know this) and I also to state that the person occupying the property is currently occupying, not is going to.
Tip number two, check your debt to income ratio and make sure you are aware of how high you can have it.
What I like about a HELOC loan is it doesn't cost money to do unlike a cash out refi.
Does anyone know of a HELOC loan for investors not occupying the property?
Pen Fed CU and Figure both do them, @Trevor Aydelott . There are a few other lender around as well.
I got a HELOC on an investment property through Huntington, but I'd go elsewhere if you can. Their variable interest rate is garbage, and they're just a pain in general to deal with.
I did speak with Mr. Heloc today. I got the impression its not quiet "The Holy Grail" but the concept does work. The key is the more you can funnel thru the HELOC the more benefits are to receive but what is as beneficial also and part of the quicker payoff is building or saving example $500 extra as savings each month and that saving stays in the HELOC availble funds act as long as possible. End result on my deal was , yes, he was wanting to sell me a loan. No I didnt quiet qualify in his opinion so he kinda shuffled me along. He then advised that I keep my current 1st mortgage at 4.375 with 11 yrs to payoff. Get new HELOC to replace my current HELOC.
Yeah I had that Ped Fed written down, saw that somewhere else.
But it is a good resource to look into, they do offer not owner occupied HELOCs, and it isn't bad either.
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