ForumsFinancing Tips

Up to All Forums

This Question is Possibly Answered

1 "correct" answer available (5 pts) 3 "helpful" answers available (4 pts)

1 Replies Last post: May 7, 2009 8:45 PM by phanio

If I have two homes, can I get to HELOC's

May 5, 2009 12:03 PM

vandiesel 1 posts since
May 5, 2009

If I own two homes, can I get a HELOC on both my primary and secondary residence?

Tags: Report as inappropriate

phanio 483 posts since
Apr 7, 2009

1. Re: If I have two homes, can I get to HELOC's May 7, 2009 10:15 PM

More than likely you can - however, your second home will be treated as an investment property - meaning that the LTVs will be much lower. So, let's say on your primary home - you get a loan or home equity line of credit up to 80% of the LTV. But, on the 2nd home - it will be more like up to 50% or 60%. Plus, all lenders will look at your personal debt to income ratio as well as your ability to make the monthly payments. Thus, just because you have equity in any home - if you cannot service the monthly payments - they will still deny.

Contact a local bank or financial institution and just ask them questions regarding their LTVs on both primary and secondary homes - this should answer a few of your questions regarding if you qualify and for how much.

Business Money Today

Report as inappropriate

Bank of America, N.A. Member FDIC. Equal Housing Lender

Bank of America is not responsible for user posts and other user content appearing on this website and does not endorse or guarantee the perspectives, the advice, the users, the businesses, or the products or services sold by any users or businesses that appear on this website.

ForumsFinancing Tips

This Question is Possibly Answered

If I have two homes, can I get to HELOC's

May 5, 2009 12:03 PM

More Like This

Most Recent Forum Posts

Legend