All Forum Posts by: Ryan C.

Thank you all for your input. I’m leaning towards a heloc because I just got off the phone with my bank and they are talking 5-7k in fees for a commercial line of credit on the property and only 70% max. I do read a lot about the delayed financing option but I would need to use rental income in the new property to qualify for a refinance and have yet to find a lender that will use that right off the bat. Lenders in my experience want anywhere from 4 months to 2 years of rental income before they will use it. Seems like road blocks in every direction. Sometime it feels like a need the secret password to make things happen.

Thank you for your input. Anyone else have experience with this? I know a heloc is a line of credit, almost like a credit card on your house so when you have high utilization, by design, your score should take a hit. I would like to hear more experiences before I get myself in this situation.

Anyone?

Penfed does 80% and there are a couple others.

Looking for some insight... I have a rental that is paid off. Going to do an 80% heloc on it so I can purchase another property. My intent is to wait the 6 month seasoning on the new property and refinance into a conventional 30 year mortgage to pay off the heloc and any money I put into the property. So here is my question.... when I max the heloc to purchase and reno the new property, I’m assuming that will drastically lower my credit score, so how can I refinance into a conventional when my credit score is low?

Hey Ryan, Do you have any contact info? I’m looking to speak to someone in commercial lending.