HELOC on Primary - Lender that will include rental income in DTI

[Brandon Harris]

Hello,

Does anyone have a referral for a HELOC that will fit my situation?

I am looking to get a HELOC on my primary home in Oregon. I was in process with a lender, but they won't include my Schedule E rental income in the DTI calculation until it is shown on 2 tax returns. This is because the HELOC would be in second position. I have 2 SFRs and our primary. By excluding the rental income it looks as if I have 3 mortgages that aren't covered, as opposed to just a mortgage on the primary.

Based on current market rates I am at 80% LTV on the primary. I'm looking for a 90-95% LTV HELOC so I can get a good sized credit line established. I have a strong credit score. I have a good DTI when you include the rental income.

The rental income only shows on 1 tax return. I have signed leases, consistent rent payments, security deposits, etc. that can show the income is legitimate.

I've called a few more lenders, local banks and credit unions, and haven't had any luck. Does anyone know of a lender that will fund a HELOC on these terms? I have only worked will large commercial banks, credit unions, and local banks so maybe there is someone I don't know about.

Thanks in advance for any help you can provide!