Penfed HELOC and homestead exemption requirement
Hello, I was looking to do a Penfed Heloc on a Houston investment property I have. But I was told a requirement from the mortgage consultant that does not make sense at all: the property must have a Texas homestead exemption in place. But from what I'm reading its impossible for an investment property to have this exemption. Am I missing something here, or is this mortgage consultant probably confusing the non-owner occupied loan with the owner occupied loan?
Thanks
Most Popular Reply
They are correct, they need the homestead to be in place. But remember you really wanting to talk to a loan officer that does Commercial property's. You attempting to take out money on a commercial property anyways. Yes it's a house, but it's a house that makes money. You need to contact local banks in that area, and ask them for the commercial side of the bank, ask them for a LOC on a rental.
Feel free to contact my guy here in Austin, he is the VP of the bank and really easy to deal with.
Tom Alt
BancorpSouth : 5501 A Hwy 290 W. Austin, TX 78735
If you do a google search you will be able to find a phone that will lead you to him, if not just message me and I'll send it your way. Don't give up just keep calling local banks / credit unions in your area too.