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Can I get a second HELOC on a new purchase and rent my 1st home?
Can I get two HELOC's at the same time on two properties, assuming good credit and income. I need to pay off the private money loan on the new property plus remodel expenses. Paid $90k with $20k down, secured a $75k 1 yr interest only loan. Need to borrow $125k to pay off loan and $50k cash out for remodeling expenses. Can I go to US Bank for a second HELOC on this property or should I look for a different lender? Will lender call first HELOC loan upon rental to my son?