Navy Fed actively markets their Investment Property HELOCs so you can apply on the website, even if you’re speaking to someone on the phone that isn’t familiar with the product. (See “Home Equity Line Investment”).
I just noticed in your previous post that you stated that you're currently at ~ 68% LTV based on the Zillow and your current mortgage balance. Navy Fed will only do up to 70% total LTV on their investment property HELOCs so you don't really have enough equity anyway. That's likely the reason they are not allowing you to get one.
WF had similar LTV limits if I remember correctly. Any bank that does HELOCs on investment properties will be more conservative than usual because they are riskier than HELOCs on primary residences. You'll likely need to wait till you build a little more equity in the property.
@jim Horne ....interesting. I just closed on my NFCU HELOC about 2 months ago. The product is also still listed on its website (I just checked) so you may want to try that route
I was also in the process of closing on one with WF, but they informed me 3 days before closing that we couldn’t proceed bc I exceeded their 4 mortgage limit (despite the fact that they had known about all my properties from day 1).
@Tim Sherrod.... interesting as well. Your NFCU HELOC was secured with your non-owner occupied investment property?
The property I'm trying to get a HELOC for is a 3/2 SFR. It's currently tenant occupied and has been casflowing solidly for 2.5 years. Zillow currently shows its value at ~$207K and we owe $131K. So my LTV ratio is currently 68%. At an 80% LTV ratio I'm not going to get much equity out of it (~$12K), but the issue I'm finding is that I haven't found a bank willing to lend against an investment property.
contact Nan Davis w/ Business Capital Solutions. She has so many products available for every kind of need. Business lines of credit, Business credit cards, standard investment property loans, etc. Tell her Micah Dison sent you and she'll treat you write.
Navy Fed actively markets their Investment Property HELOCs so you can apply on the website, even if you’re speaking to someone on the phone that isn’t familiar with the product. (See “Home Equity Line Investment”).
I just noticed in your previous post that you stated that you're currently at ~ 68% LTV based on the Zillow and your current mortgage balance. Navy Fed will only do up to 70% total LTV on their investment property HELOCs so you don't really have enough equity anyway. That's likely the reason they are not allowing you to get one.
WF had similar LTV limits if I remember correctly. Any bank that does HELOCs on investment properties will be more conservative than usual because they are riskier than HELOCs on primary residences. You'll likely need to wait till you build a little more equity in the property.
@Jim Horne - Yes, this is a very tough bank product to find. If they are available, then they are typically reserved for free/clear investment properties, totally unencumbered.
Keep us in mind if you'd like to cash-out/refinance at 75%. You are correct, you won't get much back, less than $10k, but all depends upon what you want to do.