Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
6y
Ridge Lending All in One, first position HELOC Americafirst 80% LTV on noo 65% LTV 15 year 5.74%, Utah Arvest Bank California: Cal Coast Credit Union and Fremont Bank. East West Bank, up to 60% LTV with "no docs” First Florida Credit Unionhttps://firstflorida.cumortgagecenter.com Huntington Hurst Lending and Insurance Investment property HELOC in Texas. No seasoning. Key Bank, flexible lender, HELOCs on second homes and rental properties. 90% LTV on primary. PenFed LendingTree is a broker, connects you with multiple loan providers, some sub prime. 3 to 5 week for underwriting is a long time. TD Bank Tower FCU, all states except TX, max 45 DTI, green card ok. Max of three rental properties. Automated appraisal, not full. Trustco Union Bank, specializes in noo HELOC US Bank Figure
Real Estate Investor · New York, NY · Member since 2014 · 81 posts · 46 votes
5y
Loan Officer is fortunately responsive (initial person I got in touch with to start the process), Loan Processor although empathetic, is almost unreachable. Be open to picking up phone calls from random numbers because I happened to pick up and it was her.
I started the process late June, home appraisal has been done mid august and came back with conditions, and then waited another 2 weeks since I have fixed what they requested to fix, also sent pictures. the biggest concern were the bars on the windows and cracks on the stairs to the front entrace, they took a picture of only 1 window in the front of the house. they came back to check, another $175 cost to check, only for them to state i didn't remove the bars on the side of the house WHICH WAS NEVER MENTIONED IN THE REPORT.
I had bars on the 2 windows in the front of the house ground level, and bars on the side of the home. I removed one of the metal bars a long time ago when renovating the home and the fire department said i only needed to remove one. this appraiser says i need to remove the other front bar windows, which was a charge. he then checks and states i didn't remove the bars on the side of the home which he failed to mention.
Loan Officer said there was no change in my status, I reached out to my loan processor's manager, over 4 emails and 2 voicemails, waited awhile, only to be switched to a new processor. this new processor said he has no idea what happened to the previous processor and that he's originally from the marketing department?? (i wouldn't be surprised if she got covid, i really hope not..)
anyway, i finally got my signing around late september, they're undergoing a change in their system and i never got any welcome package which is expected to be 2 weeks after so i called and they sent me a few checks.
it was extremely annoying, timing was bad, but this is what we must suffer for that generational wealth.
Rental Property Investor · Jacksonville, FL · Member since 2008 · 784 posts · 528 votes
5y
@Monica S. My appraisal consisted of Penfed subbing out the appraisal to a XOME, a national provider. But here was the issue - they only did a drive by. Then they used lowball comps, which I had to protest (you only get 1 protest), and I did not want to spend the $$$ on a formal appraisal, which is an option if you so desire.
Here's the kicker, the XOME number on their site, because they are trying to be like Zillow with an estimate, was much higher than what I got from the XOME appraiser. So be ready for a screw from the appraiser, be sure you have your comps in hand of homes within 1/4 mile that are similar in size that have sold this year. Anything you can send them is helpful on the front end, but you may never know when they go by and do the work, since its a drive-by.
Rental Property Investor · Bremerton, WA · Member since 2017 · 12 posts · 9 votes
5y
@Jack Bobeck I appreciate the heads up! I'll make sure to get comps ready. At first they told us they were going to do a drive-by appraisal but have since said they want to do a full appraisal, which I just paid for yesterday (it's not scheduled yet). Good to know about only getting 1 protest too.
I've never used Xome before but looked up our property and they have the # of beds/baths and sq/ft completely wrong. Not sure where Xome is getting their info from (the county, Zillow and Redfin all match up) but I'm guessing that's why PenFed requested the full appraisal.
Rental Property Investor · Jacksonville, FL · Member since 2008 · 784 posts · 528 votes
5y
Make sure you print out your correct data and have it ready. I had to tell PenFed that the City made a mistake and I was not a 2/1, but a 3/1. Once the city fixed on their site, I had to send to PenFed. Have your supporting docs on sales too. Can't hurt when they appraise it.
Rental Property Investor · Jacksonville, FL · Member since 2008 · 784 posts · 528 votes
5y
Penfed update 12/2 - So the company they use to process the closing, "Servicelink" sent me a check, even after the idiot closers at Penfed said "a welcome package and checks will be sent to you in a few weeks". Servicelink sent me the whole amount, which was preferred because Penfed is full of crazy people.
Then on top of it, they used a name for me that is a Nickname, even after I made copies of my DL for Servicelink so they knew the right name to use. So beware of checks not matching your names. I could send the check back, but who knows what would happen and when it would come, so the 7 day wait due to the name alteration is not an issue.
Investor · Dayton Ohio · Member since 2020 · 9 posts · 4 votes
5y
Was able to obtain a HELOC on a 4-unit investment property at 80% LTV in Dayton Ohio advertised on their website. The final product was a HELOC, and I'm very happy and grateful they'll do one on a NON-owner-occupied investment 4-unit. As a heads up, they are on the slow side, 2.5 months to complete everything. And to save some time, if you are doing this for a multi-family, right after you apply order a full appraisal, do not listen to anyone who says "we first do a free desktop, then a free hybrid", just order and pay for the full appraisal and it should save you a few weeks on closing. Lastly, their appraisal review team is very nitpicky, so after the actual appraisal, if over a week goes by with no updates pull the "let me speak to a manager card."
Investor · Spokane, WA · Member since 2014 · 733 posts · 155 votes
5y
@Bryan Egner, ty for the updates. I am considering a HELOC but I've heard PenFed limits you to only owning a few investment properties to do an investment property HELOC with them
Was able to obtain a HELOC on a 4-unit investment property at 80% LTV in Dayton Ohio advertised on their website. The final product was a HELOC, and I'm very happy and grateful they'll do one on a NON-owner-occupied investment 4-unit. As a heads up, they are on the slow side, 2.5 months to complete everything. And to save some time, if you are doing this for a multi-family, right after you apply order a full appraisal, do not listen to anyone who says "we first do a free desktop, then a free hybrid", just order and pay for the full appraisal and it should save you a few weeks on closing. Lastly, their appraisal review team is very nitpicky, so after the actual appraisal, if over a week goes by with no updates pull the "let me speak to a manager card."
I did another PenFed HELOC and the service was much better, it may be due to having less applications coming in, or they have actually improved their systems. Either way, I had a good experience on my second HELOC with them.
Investor · Palm Springs, CA · Member since 2016 · 3 posts · 1 vote
3y
Roughly how long did it take to close on the HELOC? I'm about 2 weeks into mine right now. Service has been okay but I had to switch loan officers as the first one was dragging their feet. Just waiting for underwriting to finish doing their thing. They've had the file for a couple of business days.
Was able to obtain a HELOC on a 4-unit investment property at 80% LTV in Dayton Ohio advertised on their website. The final product was a HELOC, and I'm very happy and grateful they'll do one on a NON-owner-occupied investment 4-unit. As a heads up, they are on the slow side, 2.5 months to complete everything. And to save some time, if you are doing this for a multi-family, right after you apply order a full appraisal, do not listen to anyone who says "we first do a free desktop, then a free hybrid", just order and pay for the full appraisal and it should save you a few weeks on closing. Lastly, their appraisal review team is very nitpicky, so after the actual appraisal, if over a week goes by with no updates pull the "let me speak to a manager card."
I did another PenFed HELOC and the service was much better, it may be due to having less applications coming in, or they have actually improved their systems. Either way, I had a good experience on my second HELOC with them.
Roughly how long did it take to close on the HELOC? I'm about 2 weeks into mine right now. Service has been okay but I had to switch loan officers as the first one was dragging their feet. Just waiting for underwriting to finish doing their thing. They've had the file for a couple of business days.