Max LTV Heloc

22 Replies

On a PRIMARY residence....what is the highest ltv heloc available in the market? Is anyone finding 95%LTV? I've seen several 90 from credit unions, but nothing concrete about 95.

Back in the prior crash days, it was easy to get 100%, and even higher. 

@Rusty Scott :

I asked exact same question to my credit-union and he said best he knows is 90.

However he seemed little liberal on the way of valuation of the house price. 

Can you also please post  best interest-rate you could get for them ?
I was told for 80 and for 90 there are different LTV.

well i haven't actually gotten a quote on them. I've seen prime +0 for 80 ltv to prime +1 for 90 ltv. 

just call around to different banks, its not difficult

Found a credit union called Western (Western.org) that claims they go to 100% cltv. 

I just called and SDFCU will do a 95% LTV HELOC or a 125% HE Loan on the primary residence (5,7 or 10 yr period). Full appraisal for over 50K.

Navy Federal Credit Union has 95% LTV HELOC.

Just got the SDFCU 95% HELOC on a 3 unit blding, it is legit. Appraisal came in a little low, but overall very pleased.

Worst part was I had to physically go to Washington D.C. because an error in their system with my application.

In the end I got a $100,000 line for 10 years at 3.90% (floating rate), cost me $1200 in fees. Plus $300 for the flight from Chicago to D.C.  https://www.sdfcu.org/home-equity-loans

@A.J. D'Asaro , I am assuming you are living in one of the units?  House hacking(?) as 95% at least based off of my research is unheard of, even if owner occupied!  Best I could find is 80% owner occupied.  70% for investment properties.  What happened that you had to fly all the way to D.C. ?Well congrats!  Here's wishing you luck in your future investment ventures!

@tony  

@Tony Wooldridge Yes, it was owner occupied. As far as I've seen SDFCU offers the best deal aside from the military-affiliated credit unions. There are a number of ways to be eligible to join SDFCU. I'm not sure if they lend everywhere, but it worked for me in Chicago. I highly recommend them if you are looking for a HELOC on a primary residence / owner occupied multifamily. Credit unions make their own rules for how they lend, sometimes they offer crazy deals to attract new members (like a 95% HELOC), and the deals are typically better than banks. Also another element is perhaps their lending pool, which is heavily government employees, is less risky. As for why I had to go there, no idea, perhaps that is unofficially how they keep from lending to just anyone. Keep looking, you should easily be able to get 90% on owner occupied with credit unions or smaller community banks.

@Tony Wooldridge

Sound Credit Union (in our state) does HELOCs up to 100% LTV, but that only goes up to $50,000. They also offer a 2.24% rate for a year, although it'll probably jump up afterwards. But unlike SDFCU, it doesn't cost you anything to get the HELOC. So you can just cancel and refinance it with them for a $300 early termination fee or something each year. They also have lower monthly payments than most credit unions I've found (0.75% of the balance each month), which helps with your DTI.

Medium artboard 1 4xNghi Le, Radiant Team, LLC | [email protected]

@Nghi Le great one!  Here's another i found-

First Midwest Bank offers 90% LTV fixed-rate Home Equity Loans with 15 year terms at ridiculous rates. I was quoted 4.25% last week, same rate as the conventional 1st mortgage (owner-occupied 4-unit). If you live in Chicago area or Midwest def. check it out.

@Nghi Le thanks! I will keep that one in the mental Rolodex! Here is to wishing you success in your 2017 REI ventures!

@A.J. D'Asaro appreciate the clarification. How is your 2017 REI going? I hope well. Thanks again for the the Intel. Here is to wishing you success in your 2017 REI ventures!



Originally posted by @A.J. D'Asaro :

@tony  

@Tony Wooldridge Yes, it was owner occupied. As far as I've seen SDFCU offers the best deal aside from the military-affiliated credit unions. There are a number of ways to be eligible to join SDFCU. I'm not sure if they lend everywhere, but it worked for me in Chicago. I highly recommend them if you are looking for a HELOC on a primary residence / owner occupied multifamily. Credit unions make their own rules for how they lend, sometimes they offer crazy deals to attract new members (like a 95% HELOC), and the deals are typically better than banks. Also another element is perhaps their lending pool, which is heavily government employees, is less risky. As for why I had to go there, no idea, perhaps that is unofficially how they keep from lending to just anyone. Keep looking, you should easily be able to get 90% on owner occupied with credit unions or smaller community banks.

What was the max heloc at the 95% LTV?

@Gonzalo Escobar  

I don't know the limits, but from personal experience, SDFCU's 95% HELOC will lend at least $125,000.,

Ha! I am 0 for 2...tried calling SDFCU and the only state they cannot do a HELOC is Texas. Yay me! I also called Sound Credit Union and it's Washington state only (didn't notice that on the earlier post). Anyone have a recommendation for Texas?

Well after tireless efforts of dialing for dollars, it appears Texas is capped at 80% CLTV. See....not everything is bigger in Texas! So now that I have conceded to this I just need to narrow it down to the right credit union based on fees vs interest rate. Right now I am seeing ranges from 3.5% variable rate and 3% closing costs to 5% and no closing costs.

I applied to this HELOC offer at Andrews Federal Credit Union:

Home Equity Line of Credit

Choose a Home Equity Line of Credit for greater flexibility with easy access to funds on an ongoing basis. Qualify today and enjoy:

  • Introductory rate of 1.90% APR for the first 6 months
  • Variable rates as low as 3.75% APR after the introductory period
  • Borrow up to 95% of your home’s value
  • Interest-only payments during the draw period (minimum of $10,000)
  • Credit Lines $10,000 - $350,000

The offer looks good but the process is slow and painful.

@A.J. D'Asaro - how long did it take you to close your HELOC with SDFCU, from application to getting fully approved? Were the requirements / paperwork required more tedious than applying for a conventional loan?

@cliff tsang - A month and a half, but I had an issue that I dont think is typical, 30 days is probably normal. It's about the same as a conventional loan, includes an appraisal.

Originally posted by @Tony Castronovo :

Well after tireless efforts of dialing for dollars, it appears Texas is capped at 80% CLTV. See....not everything is bigger in Texas! So now that I have conceded to this I just need to narrow it down to the right credit union based on fees vs interest rate. Right now I am seeing ranges from 3.5% variable rate and 3% closing costs to 5% and no closing costs.

 And it just changed this year from 50%. I know, I just closed one last week.