HELOC on "investment propery"
Started by somaloft
about 14 years ago
Posts: 32
Member since: Jul 2011
Discussion about
I had a HELOC at a great rate on a condo in San Francisco that itself has been paid off. The LTV was less than 50%. Recently I found that the HELOC was suspended (not closed, though it does not make any difference practically speaking). The reason provided was that it is no longer my primary residence. The condo is rented out to one former roommate + one more person after I moved to NY 5 years back. (I still pay the HOA, Utilities, one telephone line and internet). Is it possible to get a HELOC under these conditions at a decent rate or would I just be wasting my time trying to look?
If the property is in your name and it is being rented as an investment property, you should have no problem getting an ARM mostly with a LTV of 50%. The rate will be higher than if you were going to live there but it should be decent. You need to shop around since some banks do not want anything to do with investment properties.