HELOC on investment property

[Derek Young]

Hi all,

I'm looking to acquire a HELOC on my primary residence that Ive just started renting out. I'm currently living with my girlfriend at her place so this is my only property and it's in my name (lender would not transfer to llc). Being an investment property the only offers I'm finding are 75%LTV. Being that it's still in my name, what are the potential penalties to applying for a higher LTV and claiming the property as my primary residence? I appreciate any advice!

Derek