HELOC ...... Can you get up to 100% of the Equity with one ?

[Michael Dunn]

Can someone please help in answering on whether you can get up to 100% of the Equity out of your Primary via a HELOC ?

Is using a VA loan refi. the only way to get the full 100% ?

Thanks so much 

[Joe Doman]

Hi @Michael Dunn 

Yes, I currently have a 100% HELOC on my primary residence. Like @Amy E. mentioned, you will have better luck with credit unions... or community banks.

You will pay for it though. My rate is 7.25%. I use it like a sweep account and pair it up with credit cards with promotion balance transfers.

Here is what i did: I needed 50K down on a property i used 25K cash and 25K in the HELOC. After we closed i signed up for two cards with 0 promo balance transfer fee and 15 months interest free. I moved the 25K in HELOCs to the cards and now i have 15 months interest free. I am trying to pay off the 25K in 15 months but if not, i can just transfer to another card.

Of course with this strategy you need to be very organized and disciplined or you can get yourself in trouble. Hope it helps!