Updated almost 3 years ago on . Most recent reply
Line of Credit on Investment Home
Hello Bigger Pockets Members,
I am seeking advice if anyone knows how I might be able to get a line of credit on a market value $500k home that is in Michigan, but I live out of state in Florida. Only seeking a line of credit, not a fixed loan.
I called a few banks and credit unions but they said due to me being out of state, they wouldn't be able to do it. Trying to see if there are still options with assumption of all good financials and credit score.
Please provide any guidance if you have any. Thank you.
I am seeking advice if anyone knows how I might be able to get a line of credit on a market value $500k home that is in Michigan, but I live out of state in Florida. Only seeking a line of credit, not a fixed loan.
I called a few banks and credit unions but they said due to me being out of state, they wouldn't be able to do it. Trying to see if there are still options with assumption of all good financials and credit score.
Please provide any guidance if you have any. Thank you.
Most Popular Reply
It would almost not be possible to get this line of credit. If this is investment. The best option would be a DSCR program. We do this for a majority of our clients.