Property Manager · Jacksonville, FL · Member since 2018 · 514 posts · 470 votes
Hi everyone. I know back before the housing crisis it was possible to get a HELOC on a rental property, but is this still possible today? Have any of you recently done this? We have one single family home and looking to get more. Just wondering if this route would be an option. Thanks!
Rental Property Investor · Fort Lauderdale, FL · Member since 2018 · 7 posts · 10 votes
7y
fyi..I have done 2 HELOCs with PenFed pretty recently and the process was really smooth and painless. Only income doc they asked me for was a recent paystub.
Does anyone know any banks in SC, preferably near Charleston area that do HELOC's on rental properties?
Thank you for your help!
I think TD Bank told me they do that. Phil Dumouchel is who I work with there. BP won't let me post his number but you can look him up. Let him know I sent you.
Does anyone know any banks in SC, preferably near Charleston area that do HELOC's on rental properties?
Thank you for your help!
I think TD Bank told me they do that. Phil Dumouchel is who I work with there. BP won't let me post his number but you can look him up. Let him know I sent you.
Rental Property Investor · San Diego, CA · Member since 2019 · 12 posts · 1 vote
7y
@John W. What are some of the other requirements? I have a rental property that I just don't have the credit right now to apply for a HELOC. Any suggestions?
@Elenis Camargo These are for sure possible. I'm doing one with a local bank and they are lending up to 75% appraised value. I did have to call around to several banks though. Most banks would only to a HELOC if I carried the first mortgage on the property with them. Also the bank that I am currently doing the HELOC will do up to 100% if its owner occupied.
They are out there you just have to look. If one bank turns me down I then ask if they know who might and they give me a name or two to call.
And even if you find a bank that will make sure to keep calling to see if there are others and what their terms are.
Ryan, who are you using to get 100% LTV? You can just throw that out there and leave us hanging..haha.
@Elenis Camargo These are for sure possible. I'm doing one with a local bank and they are lending up to 75% appraised value. I did have to call around to several banks though. Most banks would only to a HELOC if I carried the first mortgage on the property with them. Also the bank that I am currently doing the HELOC will do up to 100% if its owner occupied.
They are out there you just have to look. If one bank turns me down I then ask if they know who might and they give me a name or two to call.
And even if you find a bank that will make sure to keep calling to see if there are others and what their terms are.
Ryan, who are you using to get 100% LTV? You can just throw that out there and leave us hanging..haha.
Huntington Bank. Again it has to be owner occupied.
Kingsport, TN · Member since 2018 · 7 posts · 2 votes
7y
We used PenFed in May and it was relatively painless. Everything went according to schedule and the process was pretty easy. We did have to pay for an appraisal because they weren’t able to run a computer-based one (said the numbers on the comps were inconclusive). 80% ltv
We used PenFed in May and it was relatively painless. Everything went according to schedule and the process was pretty easy. We did have to pay for an appraisal because they weren’t able to run a computer-based one (said the numbers on the comps were inconclusive). 80% ltv
Do you have a contact or just contact through website. I am in CA
Kingsport, TN · Member since 2018 · 7 posts · 2 votes
7y
You won’t need a contact, they’re very accessible. Before we applied, we just called their customer service to ask all of our questions and they were actually really helpful and took time explaining options. Later, we applied over the phone and sent documents online.
P.S. Make sure you don't say the HELOC is for "business" purposes. You can just say it's for improving the property or similar, but they won't let you get a HELOC to fund your "rental business."
Homeowner · Channelview, TX · Member since 2015 · 97 posts · 11 votes
7y
Wells Fargo offers HELOCs on investment properties with up to a 60% of LTV. They are offering me a variable rate of 1.25 points over prime which is currently something like 6.25%.
Real Estate Investor · Livonia, MI · Member since 2017 · 1 post · 0 votes
6y
Add to list = Community Financial Credit union will do HELOC's on investment properties as well (non owner occupied). They are 70% max however, and you have to have owned the property for >1 year. (Caught me up, because I bought the house as cash like 7 months ago, but now want to use some of that equity). Also they now require an appraisal through one of their "approved" contractors. And the rate is not so positive @ 500-700$.
Sounds like Penfed is getting some good praise, I’ll look into their setup. TY for all the replies, a bunch of good new opportunities to look into!
Woodstock, MD · Member since 2016 · 44 posts · 14 votes
6y
Good thread here about HELOC and positive experience with especially PENFED. I am currently out of job but have substantial equity on 2 rental properties. Can anyone suggest how to get HELOC on rental properties with no pay stubs or employment income? Thank you.