HELOC for Real estate owner/investors

Investor · Asbury Park, NJ · Member since 2016 · 17 posts · 5 votes

Hi all, trying to get a HELOC on my primary residence and having a hard time finding a bank that counts depreciation towards income

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Dave Skow
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
2y
@Sam N.- thanks ...try reaching out to the local small to mid size credit unions and banks in NJ ...contact the bank you have your checking / savings with ...contact the lender that services your 1st mortgage for options .....regarding deprication - are you asking about the depriciation on the primary home ( subject property ) being added in or for the depriation from another property ?
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Sam N.
OP
Investor · Asbury Park, NJ · Member since 2016 · 17 posts · 5 votes
2y
depreciation from my rental properties
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Dave Skow
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
2y
@Sam N.- when a lender is calculating the rental income to use for qualifying income - depriciation is normally a line item that can be added back
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