Can I get a HELOC on my vacation home in Pa

6 Replies

HEY Bp, so it looks like my private money is not going to come through for me :(

My other option for capital is a vacation home I own out right in PA. Can I get a Heloc? If not what are my other options?

Thanks in advance!

I'm not an expert on this but I believe you can as long as the Heloc will have the first and only mortgage which sounds like the case with you. I was just talking on the phone today to some banks asking this similar question and that's what they told me. The difference is my properties are co-ops which are a huge pain to get mortgages on compared to normal property. So I'm sure if they said I could get then would think for sure you could. The bank who said yes to me was Santander Bank and they said I could potentially get an 80% loan to value Heloc on a second property co-op and currently interest rates are low but they can fluctuate.  

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