Home: Message List - Home Equity Line of Credit (HELOC) for non-owner occupied (investment) home

Re: Home Equity Line of Credit (HELOC) for non-owner occupied (investment) home

tmoorehe — Sun, 06 Jul 2008 03:14:35 GMT

hello,
i own a duplex and until recently i lived in one of the units. a couple of days ago i contacted my heloc lender to get new checks. i shared that i'd like checks sent to a diferent address but the rep said that they could only send checks to address on file. i shared that i was on a temporary work assignment so would it be possible to change address now and then change it back later. the rep changed it, but i just got a letter asking me to verify ownership and reason for address change. my question is whether i should share that i no longer live there even though i'll be back in feb 09? my aunt is staying there currently and i have access to all my mail, if necessary. i don't want them to try to cancel or freeze the heloc because i need access to it. thank you for the help.

Re: Home Equity Line of Credit (HELOC) for non-owner occupied (investment) home

CorpCons08 — Wed, 12 Dec 2007 17:41:12 GMT

Response from Citibank

DeVonda: You are chatting live with a Citibank Home Equity Sales Representative. Do you have a question I can answer for you today?
Visitor: yes
Visitor: Do you offer HELOCs for non-owner occupied investment properties?
DeVonda: We do not.
Visitor: thank you for your time.
DeVonda: Welcome.

Response from Bank of America <- We have a WINNER!

You: Do you offer HELOCs for non-owner occupied investment properties?
Anthony: yes
You: excellent
Anthony: We will lend up to 80% LTV or $100,000 max for investment properties. The total combined liens on an investment property may not exceed $400,000.

Hope this makes your day.
CorpCons08

Re: Home Equity Line of Credit (HELOC) for non-owner occupied (investment) home

CorpCons08 — Wed, 12 Dec 2007 18:24:53 GMT

You are most welcome.

Re: Home Equity Line of Credit (HELOC) for non-owner occupied (investment) home

BLJRECEO — Wed, 12 Dec 2007 18:23:16 GMT

I only need about 50% LTV. I'll have to check out the requirements. Thanks.

Re: Home Equity Line of Credit (HELOC) for non-owner occupied (investment) home

CorpCons08 — Wed, 12 Dec 2007 17:42:30 GMT

You: Do you offer HELOCs for non-owner occupied investment properties?
Anthony: yes
You: excellent
Anthony: We will lend up to 80% LTV or $100,000 max for investment properties. The total combined liens on an investment property may not exceed $400,000.

I shopped four banks and Bank of America (above) was the only one that offered this type of HELOC.
Way to go BofA!

Hope this information helps you.

Re: Home Equity Line of Credit (HELOC) for non-owner occupied (investment) home

LUCKIEST — Wed, 12 Dec 2007 16:26:39 GMT

The ease of obtaining a Heloc makes them very tempting.
To answer your question, HELOC are usually given on a home you reside in.
Many banks are offering to slide Heloc customers into fixed-rate loan to keep their business.
Good luck, LUCKIEST

Re: Home Equity Line of Credit (HELOC) for non-owner occupied (investment) home

BLJRECEO — Wed, 12 Dec 2007 03:18:34 GMT

I'll be sure to check them out. Thanks.

Re: Home Equity Line of Credit (HELOC) for non-owner occupied (investment) home

CorpCons08 — Wed, 12 Dec 2007 03:16:48 GMT

Many of the commercial banks require HELOC's be on owner-occupied properties.
I believe that CountryWide (http://www.countrywide.com) does non-owner occupied (investment) property HELOCs.
I would start there and see what they can do for you.

Hope this helps,
CorpCons08

Home Equity Line of Credit (HELOC) for non-owner occupied (investment) home

BLJRECEO — Wed, 12 Dec 2007 03:12:24 GMT

How difficult would it be to get a HELOC on an investment home in which you do not live? Thanks.