Heloc, through what financial institution?

Question

Quick summary.

Sfh rental.  Owned this property for approx 10 months.

Tried going through Wells Fargo, since I've only owned the property for 10 months they will go by my purchase price.  Other institutions I'm finding it has to be my primary residence.

I'm hoping someone can save me a little time, I'd appreciate it.

Eric Armstrong · Answer

I got a HELOc through WSFS for a non owner occupied house.  Just walked into my local branch.

Nhi Nguyen · Answer

@Sean Gallagher, what's their underwriting guidelines/requirements?  I'm curious if they fund CA properties, since I'm also looking to get a non-owner occupied HELOC.

Thanks.

Sean Gallagher · Answer

Alright looks like I got 85%, signing the papers next week then onto next purchase.

Sean Gallagher · Answer

I’ve owned the property now since like May 2016, if wsfs doesn’t approve I’ll try someone else.

Albert Bui · Answer

penfed is great for high LTV on non owner occupied but they will most certainly have 12 month time frame but its not soo long since Sean is already at month 10 anyway.

Albert Bui · Answer

Most consumer or residential banks will go off purchase price till the 12 month but if you go to the commercial side, commercial loan officer, or community bank lender you will find that their seasoning is not based on "time," persay but it will be based on whether the property cashflows, yes... or no....

If yes, you will find your deal to be funded pretty quickly.

This is not always the case since there are thousands of lenders across the country but from my experience this is what happens at the consumer banks when it concerns the topic of line of credit and valuation they use.

Best of Luck,

Sean Gallagher · Answer

Guy called today to go over my home, said he was driving by, needed me to tell him SF. type of heat, if it had a fireplace etc.  Then he said thats all he needed, I go, did you take notice to the 24 x 36 stick built garage?  That's also on the property, and he had no idea.  Stuff like that just pisses me off.  Guy is out there to look over a property and doesn't even know the property lines.  I'm not sure if he has anything to do with appraisal for the HELOC but good god I hope not.

Sean Gallagher · Answer

In the process of trying to close a HELOC with WSFS.  I applied for the HELOC online, pretty simple.  Just waiting on a property condition report for them to say yay or nay should hear back Monday.

Sean Gallagher · Answer

Thanks everyone for the replies and messages; you all have been very helpful. I'm about to start moving forward, will let everyone know the outcome, thanks.

Alexander Felice · Answer

First citizens did a 0 cost 90% LTV heloc for me, owner occupied.

Heloc, through what financial institution?

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