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8 Replies Last post: Apr 28, 2008 1:21 PM by Iwrite

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

Dec 11, 2007 10:12 PM

Click to view BLJRECEO's profile Authority BLJRECEO 26 posts since
Dec 6, 2007
How difficult would it be to get a HELOC on an investment home in which you do not live? Thanks.
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Click to view CorpCons08's profile Mogul CorpCons08 1,128 posts since
Nov 14, 2007
1. Re: Home Equity Line of Credit (HELOC) for non-owner occupied (investment) home Dec 11, 2007 10:16 PM
in response to: BLJRECEO

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
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Click to view BLJRECEO's profile Authority BLJRECEO 26 posts since
Dec 6, 2007
2. Re: Home Equity Line of Credit (HELOC) for non-owner occupied (investment) home Dec 11, 2007 10:18 PM
in response to: CorpCons08
I'll be sure to check them out. Thanks.
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,927 posts since
Aug 6, 2007
3. Re: Home Equity Line of Credit (HELOC) for non-owner occupied (investment) home Dec 12, 2007 11:26 AM
in response to: BLJRECEO
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
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Click to view CorpCons08's profile Mogul CorpCons08 1,128 posts since
Nov 14, 2007
4. Re: Home Equity Line of Credit (HELOC) for non-owner occupied (investment) home Dec 12, 2007 5:10 PM
in response to: BLJRECEO
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
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Click to view CorpCons08's profile Mogul CorpCons08 1,128 posts since
Nov 14, 2007
5. Re: Home Equity Line of Credit (HELOC) for non-owner occupied (investment) home Dec 12, 2007 12:42 PM
in response to: BLJRECEO
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.
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Click to view BLJRECEO's profile Authority BLJRECEO 26 posts since
Dec 6, 2007
6. Re: Home Equity Line of Credit (HELOC) for non-owner occupied (investment) home Dec 12, 2007 1:23 PM
in response to: CorpCons08
I only need about 50% LTV. I'll have to check out the requirements. Thanks.
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Click to view CorpCons08's profile Mogul CorpCons08 1,128 posts since
Nov 14, 2007
7. Re: Home Equity Line of Credit (HELOC) for non-owner occupied (investment) home Dec 12, 2007 1:24 PM
in response to: BLJRECEO
You are most welcome.
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Click to view tmoorehe's profile Start-up tmoorehe 2 posts since
Jul 5, 2008
8. Re: Home Equity Line of Credit (HELOC) for non-owner occupied (investment) home Jul 5, 2008 11:14 PM
in response to: CorpCons08
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.
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