HELOC on Rental Properties. PENFED

8 Replies

I just want to give an update to those who want to get HELOC on Rental, especially through penfed.

They will give HELOC on rental up to 80% LTV

Owner can not own more then 3 properties. 

If owner have 4 properties, they can only do HELOC on the primary resident and not the rental.

just giving this information out so you don't have to go through register account with them.

This is exactly what I found. I was really bummed about the "owner can not own more than 3 properties" aspect. 80% LTV is quite good for investment-grade HELOCS. Navy Federal does not have this restriction, but will only go to 70% LTV on rentals.

Originally posted by @Tom Nguyen :

Owner can not own more then 3 properties. 

That’s pretty restrictive. So that’s if you just own them, whether or not they have mortgages or are owned free and clear?

What are the other requirements for the PenFed HELOC (e.g. W2 income)? And how long did the process take? What were the costs to set it up?