Anyone know of banks/credit unions that will do this on non-owner occupied properties? I've gotten a few through America First Credit Union, and am interested if there are any other options out there.
@Taylor Chiu try TD Bank or PenFed. I believe they go up to 75% on noo properties. Good luck.
@Paul Defngin Awesome, thanks for tip. I'll reach out to them tomorrow.
I just closed on one with AFCU last week. They'll do 80% LTV. The only difference between an investment and an owner occupied HELOC was a .5% interest rate increase, and they don't waive the $150 application fee. If you're looking to get one that's not AFCU I'd recommend just calling around a few other credit unions. I would imagine that others offer similar loans.
@Remy Lattin Awesome thanks for the input. I have a few of them with AFCU as well. 80% LTV is very attractive, only part I wish was different was the 1.25% minimum monthly payment (of overall balance).
I'll be calling more credit unions - that said, if anyone else has more info, please share!
Called PenFed, they have some pretty attractive options - 80% LTV on investment properties anywhere in the US, interest-only option at 5.25% variable for 12 years, with balloon payment at the end.
@Taylor Chiu so have you got heloc from PenFed successfully? What is your experience if you did ? Thank you
@Jenny Wall I haven't yet, I've just talked with them on the phone. Fingers crossed that it will work out well. I'll update once I've set them up.
thank you very much Taylor! Good luck !