What are HELOC Requirements?

[Chris Parrish]

Does anyone know if HELOC loans have to follow the same federal guidelines as traditional mortgages? Example - like income restrictions, debt to income, and various other restrictions.

I would love to get a loan to purchase another owner occupied property, but I have not been self employed long enough to qualify for a conventional loan. I have two businesses and make a reasonable income, but my painting business hasn't been established for 2 solid years so I can't use that income. My other business (I call it that) is I am an realtor. I have been doing it for two years, but I have been told that my income averages over the last few years. The first year as an agent I was only licensed for like 3 months and only made $15k. So I have been told that it takes that income and averages it with my income last year (which drastically pulls me down obviously). So my lender told me I couldn't qualify for a traditional loan right now. Do HELOCS have the same requirements? Or is it different? 

Thanks in advance!