HELOC on investment property.

15 Replies

@Troy Snyder , I have done a bunch of research, and have built this list. I have used PenFed and TD Bank.

Ridge Lending All in One

Americafirst 80% LTV on noo 65% LTV 15 year 5.74%, Utah

Arvest Bank

East West Bank, up to 60% LTV with "no docs"

First Florida Credit Union (Jacksonville area)

Hurst Lending and Insurance Investment property HELOC in Texas. No seasoning.

Key Bank, flexible lender, HELOCs on second homes and rental properties. 90% LTV on primary.

PenFed

LendingTree is a broker, connects you with multiple loan providers, some sub prime. 3 to 5 week for underwriting is a long time.

TD Bank

Tower FCU, all states except TX, max 45 DTI, green card ok. Max of three rental properties.

Trustco

Union Bank, specializes in noo HELOC

US Bank

Figure

@Richard Palmer , did you find a HELOC lender that's worked for you? I think it is wise to open one, but also wise to not charge up fully, as they are much like credit cards and can affect debt to income ratio. All my best~

I'm looking in Texas for a HELOC and PenFed has been the only one that has responded with a yes for HELOC on an investment property. Any fellow Texans have success getting a HELOC from a bank?

Thanks

As a follow-up, Pen Fed came through on the HELOC on a rental investment. The home needs to have your homestead associated with it.

I have a HELOC at 4.75%. Hope you all have successes with it too.

Originally posted by @Jay C. :

As a follow-up, Pen Fed came through on the HELOC on a rental investment. The home needs to have your homestead associated with it.

I have a HELOC at 4.75%. Hope you all have successes with it too.

 CONGRATULATIONS!

How were able to use homestead on a rental?

First Florida Credit Union (Jacksonville area) not offering HELOCs now as of 10/1/2020 for Investment properties. 

Yes, I was able to use my rental as my homestead and thus the HELOC

Originally posted by @Shimira Greene :
Originally posted by @Jay C.:

As a follow-up, Pen Fed came through on the HELOC on a rental investment. The home needs to have your homestead associated with it.

I have a HELOC at 4.75%. Hope you all have successes with it too.

 CONGRATULATIONS!


How were able to use homestead on a rental?

 

@Joseph Leibovitch , that is a function of all the new purchases and refinances in the pipeline, which take so much attention.  Many closings of any sort take an exceptionally long time.

I hear you. My loan originator still closes all my deals in lest than 30 days. I think it is due in part to over extending oneself and not accepting that one cannot take on every loan that comes by.