I just started the process to open a HELOC on my primary residence, which has a VA loan. I'm waiting to hear back from a couple lenders, but the first one who got back to me said that no one offers a HELOC product on a VA loan. His solution was to refinance into a traditional loan and open a HELOC on that, or to do a cash out refinance. This sounded strange so I started Googling. As far as I can tell, there are plenty of sources that say you can open a HELOC on a VA loan, but I haven't found anyone that specifically says they have that product.
Does this sound accurate? If he is wrong, can you recommend a lender that can offer a HELOC on a VA loan?
Thanks in advance!
@Grayson Hussey Haven't tried to put a HELOC on our VA loans, but we have refinanced them. I'm interested to see what the answer on this is too.
Is bumping an acceptable practice on this forum?
@Taylor Chiu It seems like I was either dealing with someone who was misinformed, or who was blatantly lying in order to get me to refinance with them. Either way, not good! I found a local credit union who would open a HELOC without batting an eye at the VA loan.
Yes you can do a HELOC as long as you have equity.