80% LTV non-owner occupied HELOC in Oregon?

[Mathew Wray]

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]

Bank of the West does a 70% LTV. I have one of those right now.

[Jeff S.]

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]

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]

Matthew,  i got one through Trailhead CU. Happy to share the LO's contact info.

[Mathew Wray]

Fantastic!

Thanks Alex!

[Jay Hinrichs]

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]

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.

[Ashley Arthur]

Did you find one locally? Any recommendations? 

[Mathew Wray]

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]

@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]

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]

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.

[Fritz Liedtke]

I know this is an old thread, but people still read it for this Oregon HELOC info. My research found lots of local credit unions that offer HELOCs on investment properties, including:

FirstTech

BECU

Oregonians CU

PenFed

Bank of the West

[Ben Nelson]

Do you know what LTV those lenders will go up to on their products? I'm guessing it's still 70-75% on non-owner occ.

[Mathew Wray]

Adding in my .02 cents...

I found PenFed to be challenging to work with.

FirstTech came through for me and it was an amazing experience. They went to 75% which was good enough for my purposes, super easy to work with, quick process, and efficient. 

[Fritz Liedtke]

Originally posted by @Ben Nelson:

Do you know what LTV those lenders will go up to on their products? I'm guessing it's still 70-75% on non-owner occ.

The LTV varies. Many will say 70% or whatever, but then they'll cap it at $100k or $250k. So you have to call and ask. It's about 5 minutes to get the info you need from each one.

I should mention that WaFd also offers them, and in my experience (I have 2 loans with them) they have the best rates arouns.

[Neal Coppola]

I don't recall the LTV, however I just did two OOS HELOCs on NOO properties with Consolidated Credit Union.

[Kelly Asmus]

I have one through First Tech. Very easy to set up and super easy to access/use. I think its $50 or maybe $100 a year to keep open if I haven't used it that year. 

[Brent Lawrence]

You can also check out Oregonian's Credit Union. I have one from them, can't remember what LTV we went for at the time, 75% or 80%. They have 12-month intro rate.

https://www.oregonianscu.com/l...

[Justin Denfeld]

I just spoke to PenFed and they stopped doing them in November, 2022.  They said they "may resume them in 2025 when the market stabilizes".