Updated over 4 years ago on . Most recent reply
HELOC or Home Equity Loan Options In Texas - Need HELP!
Investors with property in Texas....I have a rental property in Fort Worth that I'm looking to get either a HELOC or Home Equity Loan on, the intent is to use that as funding toward my next property (preferably multi-family). After calling several banks and credit unions, I keep getting told that HELOCs and Home Equity Loans are only offered in Texas on primary residences, not investment property. I'm hearing that my only option would be a cash-out refinance.
Has anyone been successful getting a HELOC or Home Equity Loan on investment property in Texas? Is Cash-out refinance the only option?
Thanks!
Terrance Lee
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Terrance Lee nice to meet a fellow Texan. It is true that Lines of Credit are hard to find in Texas but they do exist. They are usually from really small banks. Receiving a standard cash out loan is easier to find but not every bank does those either. Good ol' Texas. Through calling about 200 banks in the DFW I have found 3 that write Lines of Credit on investment properties. Send me a PM and I will certainly share the info. Thanks!
Also, we do have a Texas forum. It's pretty active if you ever want to post there. Thanks!