@James Masotti I had Wells Fargo ready to go but then I withdrew because the interest rate were very high and it was variable despite having credits of 800+. Best thing to do is get fixed loan and that is around 6.125% as of last week. I’m working on a one now.
@James Masotti I had Wells Fargo ready to go but then I withdrew because the interest rate were very high and it was variable despite having credits of 800+. Best thing to do is get fixed loan and that is around 6.125% as of last week. I’m working on a one now.
Agreed. I don't know what Wells Fargo offers. I just know they have a product. All my properties are owned by legal entities so I don't really track who does HELOCs on investment properties owned in a personal name too much.
For those of you who have done a HELOC on your rental what was required? Is it similar to your traditional loan where it’s based off you your DTI, credit,W2 job or is it based souly off of the property’s LTV?
The state of Texas does not allow HELOCs or second mortgages on investment properties at all. Which is surprising and disappointing for a state that is generally business friendly.
Do a search for "non owner occupied HELOC" or "credit union non owner occupied HELOC". there are several that show up. Also, I would not use the term investment property when inquiring about a HELOC. People on the other end of the phone are likely to equate investment properties with commercial properties.
@Amber Turner, @Kyle J. , @Adam Wigdorski , PenFed won't do investment HELOC for an investor with more than 3 investment properties. If you have less than three, then PenFed will work for you!
@Amber Turner Hi, can you please tell me if Wells Fargo offered you a Heloc under a Personal or Small Business Loan? Can you please tell us more what the are offering you? Thanks