New to BP, HELOC INVESTMENT.
Hi,I'm trying to get a HELOC on investment property and used to house hacking, construction .the bank that I have my properties doesn't have it anymore where is a good place to get that type of loan?
thank you
A lot of banks right now are holding off on HELOCs on investment properties or if they are, they terms aren't great.
Since it is house hacking, have you looked into the FHA 203(k) loan? There are other construction loans for primary residences that will probably work.
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@Rene Ochoa On the investment property you are trying to get a HELOC on, what is the value of the property and how much do you owe on the property?
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Yes, this is possible within reason of guidelines. Send me a PM and I can connect you
Quote from @Rick Albert:
A lot of banks right now are holding off on HELOCs on investment properties or if they are, they terms aren't great.
Since it is house hacking, have you looked into the FHA 203(k) loan? There are other construction loans for primary residences that will probably work.
Quote from @Rene Ochoa:
Quote from @Rick Albert:
A lot of banks right now are holding off on HELOCs on investment properties or if they are, they terms aren't great.
Since it is house hacking, have you looked into the FHA 203(k) loan? There are other construction loans for primary residences that will probably work.
Hi @Rick Albert thank you I will look into FHA 203(K) loan.
Quote from @Andrew Postell:Hi @Rick Albert the amount that I own is 330 and with some comparable, I think the value will be 700-750
@Rene Ochoa On the investment property you are trying to get a HELOC on, what is the value of the property and how much do you owe on the property?
thank you
Quote from @Rene Ochoa:
Quote from @Andrew Postell:Hi @Rick Albert the amount that I own is 330 and with some comparable, I think the value will be 700-750
@Rene Ochoa On the investment property you are trying to get a HELOC on, what is the value of the property and how much do you owe on the property?
thank you
For the investment property, correct? Some lenders will max out at 70%-80% LTV. If you do the FHA 203(k) loan, you only have to put down 3.5% of the purchase price and construction costs.
Quote from @Rene Ochoa:
Quote from @Andrew Postell:Hi @Andrew Postell
@Rene Ochoa On the investment property you are trying to get a HELOC on, what is the value of the property and how much do you owe on the property?
the amount that I own is 330 and with some comparable, I think the value will be 700-750
thank you
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@Rene Ochoa try local credit unions
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Real Estate Agent Colorado (#100092341)
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Quote from @Rene Ochoa:
Hi,I'm trying to get a HELOC on investment property and used to house hacking, construction .the bank that I have my properties doesn't have it anymore where is a good place to get that type of loan?
thank you
Hi Rene, there are lenders offering this right now. The lowest rate and fee providers aren't so its not free/cheap money but what it can do for you obviously is the trade off. Leverage to make bigger gains with the construction- good for you. Happy to talk more - feel free to DM