Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Mortgage Brokers & Lenders
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago,

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?

Loading replies...