80% LTV non-owner occupied HELOC in Oregon?
12 Replies
Mathew Wray
Real Estate Agent from Portland, Oregon
posted almost 2 years ago
Been looking to get a non-owner occupied HELOC and would love to find one (wouldn't we all) that will go to 80% LTV. I've been looking and it sounds like maybe PenFed has a similar product so I'm going to call them, but before I do that, would like to ask for local experience...
Anyone have any luck in Oregon with local credit unions or lenders doing 80% (or even 75%) on a NOO LOC?
Thanks!
Mathew
Chris Shepard
Investor from Portland, Oregon
replied almost 2 years ago
Bank of the West does a 70% LTV. I have one of those right now.
Jeff S.
Specialist from Portland, OR
replied almost 2 years ago
I have a line at First Tech went easily after BA hassle. Only about 25% though. No appraisal. Did not ask for more.
Mathew Wray
Real Estate Agent from Portland, Oregon
replied almost 2 years ago
Thanks Chris and Jeff!
I’m not opposed to calling around, but figured it would be easier with a head start on which to call first!
Thanks!
Alex Wade
Real Estate Agent from Portland, OR
replied almost 2 years ago
Matthew, i got one through Trailhead CU. Happy to share the LO's contact info.
Mathew Wray
Real Estate Agent from Portland, Oregon
replied almost 2 years ago
Fantastic!
Thanks Alex!
Jay Hinrichs
Real Estate Broker from Lake Oswego OR Summerlin, NV
replied almost 2 years ago
I think all the credit unions have them.. I know on point does. what LTV dont know.
but careful not to over leverage yourself.
Mathew Wray
Real Estate Agent from Portland, Oregon
replied almost 2 years ago
Thanks Jay!
I want to make sure I have the funds on hand through a HELOC so I can move on opportunities as I can, but not have the guaranteed hit from a cash-out refi. I like the flexibility. Saw what over-leverage did to others 10 years ago and looking to avoid that for myself and my clients.
AJ Arthur
Residential Real Estate Broker from Portland, OR
replied over 1 year ago
Did you find one locally? Any recommendations?
Mathew Wray
Real Estate Agent from Portland, Oregon
replied over 1 year ago
Morning AJ,
Although I'm sure it's out here in Portland, I didn't find it! I keep my ear to the ground and continue to ask and call around. The best bet seems to be PenFed.
Kory Thaut
Investor from West Linn, Oregon
replied over 1 year ago
@Mathew Wray I know Clackamas Federal Credit Union does at 75% - it's their RELOC product. However, the draw and payback periods are VERY short. Something like 2 years if I recall correctly.
Mathew Wray
Real Estate Agent from Portland, Oregon
replied over 1 year ago
That's great to know Kory, thank you! 2 years doesn't give a ton of time to recover if something goes wrong and you have to go to plan B, but 75% and local is pretty nice.
Thanks!
Jacob Szeto
from Portland, Oregon
replied over 1 year ago
You might try KeyBank. Also, PenFed is great I am have been a member since college when I worked at their call center in Eugene.