Rental properties don't have 2 years of income, HELOC denied

[Andrew Jones]

I have a primary residence I am seeking a Heloc on.  I also have rental properties that do not yet have 2 years worth of income.  The banks and local credit unions I have reached out to will not approve me for a Heloc as there are multiple mortgages on my name and will not allow me to use my additional rental income on the application, rendering my debt to income ratio too high.

Is the 2 year income requirement at each banks discretion or will this be universal across all banks that I approach?

Would I expect the same results by doing a cash out refinance instead?

Are there any other avenues I should look into? Hard money lenders/qualifying as a commercial?

[Kevin Romines]

Some HELOC lenders underwrite to Fannie / Freddie guidelines even though the loan is a HELOC. others don't. This would just be a situation that you need to discuss with all lenders offering a HELOC to nail down the lender that doesn't have such a restrictive guideline. The loan you are looking for does exist. The best places to get HELOC's is credit unions. Best priced and most flexible as their guidelines are different than banks.

I hope this helps?