Updated over 7 years ago on . Most recent reply
HELOCs for Investment Property
Hi Everyone - New member here. Any good places to get a HELOC on a multi-family house that I have? We have a significant amount of equity in the property and would like to use the equity for a down payment on another property. Thoughts? Thanks ahead of time!
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I just got a HELOC through Penfed (Pentagon Federal CU) on a rental of mine. They'll do up to 80% LTV on a non-owner occupied. Pretty painless actually. They actually declined me at first, but I received a call the next day saying that they could do it. I guess they have a human look over every "decline" the computer does, and mine made sense to do. I know my DTI is high due to having several mortgages, but they worked with me and got it done.