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Updated about 5 years ago on . Most recent reply

User Stats

80
Posts
59
Votes
Kyle Brodwater
  • Rental Property Investor
  • Westerly, RI
59
Votes |
80
Posts

Opening HELOC on Primary Residence for LLC financing.

Kyle Brodwater
  • Rental Property Investor
  • Westerly, RI
Posted

Hello Everyone! Quick question. I just spoke to Navy Federal in regards to Opening a HELOC on my primary residence. Due to my current DTI it would be hard for me to get financed on another conventional mortgage. That being said I planned on taking $100k out and using that money to finance the down payment on multiple properties financed through a commercial lender utilizing my LLC due to no restrictions on DTI. On the phone they said the only real stipulation was you can't use the HELOC money t for a business...Is this typical with most HELOCs and is there a way around this or an alternative option with what I am trying to do? Thank you very much in advance.

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