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Updated over 3 years ago,
Got the first house! Now looking at a HELOC to finance the 2nd...
Hi all,
Successfully purchased and remodeled my first buy/hold rental investment! Woohoo!! Looking to use a HELOC to finance the next one. I heard that the bank will add the projected income from the next rental purchase into the debt to income calculation, how does that work? I don't know if I have a high enough salary to be lendable for the original mortgage, the HELOC, and the second mortgage without that aspect being included.
Thanks!