All Forum Posts by: Lisa Sluss

I just changed that.  I meant to say income-to-debt, not loan-to-debt.

I own two properties free and clear, with a total value of $750,000. I live in one and rent out the other. I've been turned down for a HELOC by three different lenders (Penfed, US Bank, and Wells Fargo) all because I have a very low debt-to-income ratio. I don't know what to do. I hate thinking about that equity just sitting there, plus I could use a little cash. I'm hesitant to sell the rental, as I use that as rental income. Any advice would be much appreciated.

Great - thank you!

I'm at the end the application process for a HELOC with Wells Fargo. The last document they need is a hazard insurance policy stating that they are the beneficiary should my rental be destroyed. Is it ok to do this before I'm approved?

Thank you Bob!  Great idea.

Thank you so much for your reply. Long story, short: I have $750,000 in equity, free and clear - no liens/mortgages. I can't find a lender who will work with me, because my 1040s aren't very impressive. I live off rental income. It seems like this would be a win-win situation. I would be the only risk taker in this scenario. The lender would be the first lien holder. I'm still searching...not interested in hard money lenders. Looking like I will have to sell a rental instead of taking out a HELOC.

Hi Jacob,

I’m in a similar situation as your parents were.  Any luck?

Hi Jaysen - I have a primary residence, as well as a rental - both are free and clear.  I’d like to get a heloc on the primary since the interest rate is a bit less.  I’m having a difficult time finding a lender who will consider my equity as the primary eligibility, as they will be the only lien holders.

Can I get a heloc without an income (w-2s)? If so, who offers it? I only have rental income.