HELOC in Florida question??

5 Replies

I've been house hacking the last 4 years, buying, rehab and selling my personal residences. Im finally in a house I want to stay in fora few years and also have some cash reserves formy flips. 

My question is this:

I purchased this home in December for 289k with an appraised value of 320. Now with updated apprasial came in at 376k. 

Will lenders do a HELOC on a home ive only owned for a month? Will they let me use the new appraised value for LTV? Id like to go 90% LTV. Any recommendations on who to talk to here in Florida who may offer something like what im looking for?

I know BB&T and TD Bank will allow it but you will have to proof that you live in the house.  So homestead exemption filing, utility bill and driver's license with the current address will be an acceptable proof.

Originally posted by @Roman M. :

I know BB&T and TD Bank will allow it but you will have to proof that you live in the house.  So homestead exemption filing, utility bill and driver's license with the current address will be an acceptable proof.

What LTV do they go to?

Check their website as their program changes all the time. I believe TD Bank does up to 90%

Originally posted by @Roman M. :

Check their website as their program changes all the time. I believe TD Bank does up to 90%

 Thanks I checked tdbank and it looks like their max cltv is 80

also what kind of debt ratios do they allow?

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