@Jodie R. nearly every investor will voice what I am about to say - do not use big banks. They aren't friendly to us investors. Whatever state your primary home is in, go to some smaller banks and ask them to qualify you. Or you can even use the state specific forums here to ask people their opinions on who to go to. But do not go to any big banks. Good luck!
@Andrew Postell Hi thank you for the response. Also it is only possible to get a HELOC on a primary home right not on investment properties????
@Jodie R. The two years of rental income requirement is only a requirement of the banks that told you that. It doesn't mean it's a requirement for other banks. With HELOCs, each bank can (and do) make their own rules. You'll just have to call around to find a lender that works for you. And yes, there are banks that do HELOCs on investment properties.
@Wendy Gomez no, you can absolutely get a HELOC on an investment property. It is a harder product to find but try using the verbiage of "LINE OF CREDIT" on an investment property rather than HELOC. Sometimes saying HELOC on an investment property will confuse a bank....I know, this sounds ridiculous but trust me....just use Line of Credit and it will help put you in the right place. Again, they are still hard to find but just use that term and it will increase your odds of finding one.
Thank you for the responses. I contacted a couple of local banks, but no luck so far. I'll keep searching.
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