HELOC when househacking

[John Cardinale]

Hello all! I'm in a little situation that's got me scratching my head. I've been house hacking since 2014 in a duplex that I have a 3.8 mortgage on with about $175,000 principal balance. I have an existing HELOC through a local bank with balance of $100,000. The value of the duplex is likely $450,000. My current HELOC matures 12/31/2024 and I'm thinking this bank will not want to renew the loan (I'll verify this of course) because I've accumulated rentals over the years, and now I have quite a few mortgages. So I'm assuming that if my DTI and other convention mortgage stats don't add up, they won't renew this HELOC. I'm looking for a new lender for this HELOC product and I see this as the only solution if I'm going to keep my low-rate, first position mortgage intact. If anyone has any lender contacts for a second position loan while house-hacking please forward them to me.

sincerely, 

john
 

[Marcus Auerbach]

John, most large national banks have actually very good HELOC options. Combined LTV varies between 70 and 100%, rates of course too. expect about half a point over prime.

If you have rental income, do you already have your 2023 taxes filed? That will help with DTI.

Put a pdf-package together with your financials, summary on the first page, shop it around, should not take you long.