HELOC problems- banks won't loan because construction has already begun
Well, I'm in a bind. We are doing construction on a newly inherited home and I had hoped to take out a HELOC for some of the cost. It took a while to get the title in my name after my father's passing and we began renovation and have moved out.
I thought I had done my research. But I'm now finding out that many banks won't issue the HELOC if the home is already under construction. I went to Comerica last week and they were ok with the contruction part, but not ok with it being vacant. So, I'm worried I won't find any banks that will give me the loan.
My credit is excellent. The home is completely paid off and valued at 550K. It is still listed as our primary residence, but we are not living there during construction. The kitchen is torn out, electric on a generator, etc.
What can I do- any banks who will still loan on that? A drive by appraisal will clearly show it is under construction and if they look in the windows they will see it is vacant.