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Updated almost 5 years ago on . Most recent reply

User Stats

7
Posts
3
Votes
Nick Martin
  • Rental Property Investor
  • Orem, UT
3
Votes |
7
Posts

HELOC on newly-purchased home

Nick Martin
  • Rental Property Investor
  • Orem, UT
Posted

I am in the process of getting a HELOC on my primary residence. We moved into the home in December, and it was a new construction. We put a little more than 20% down, and want to get a 90% LTV HELOC to recoup some of that money. The process with the credit union has been frustrating, to say the least (side note, I've got 800+ credit, 25% DTI) For the last several weeks they were unsure whether the appraisal that we had on the home before closing would suffice for the HELOC. I just got an email today that said the appraisal was done before the home was completed, so we need to show an addendum to prove the value of the home AFTER it was completed. I don't think I have any sort of addendum. I've tried giving them the benefit of the doubt until this point, but now I feel like they're just dragging their feet or just don't know what they're doing. Any advice on whether this is 1) normal or 2) I should find another lender?

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