Investor · White Haven PA · Member since 2014 · 362 posts · 221 votes
I'm finding banks have a maximum amount they will loan on a primary home Heloc.. So, I'm thinking it may work to get 2 HELOCs from different banks.
Say I have a primary residence that is worth about $1,500,000 and it doesn't currently have a mortgage. Can i get 2 Helocs one as a first position HELOC and another as a 2nd position HELOC? I'm thinking like $400k to $500k for each one? This would still put me at around 60% LTV.. I just don't know how banks feel about being in 2nd position behind another Heloc.. Even though it's really the same as being in 2nd behind a regular mortgage.
Lender · Los Angeles, CA · Member since 2020 · 13 posts · 3 votes
5y
@Ray Slack Hi Ray. Many lenders offer HELOCs for primary residence for 2nd and 3rd positions (in your case, 1st and 2nd). Typically the 1st cannot exceed 80% CLTV and the 2nd 70% CLTV. I work for a CA Credit Union that offers this and can lend in MD. Please contact me with any questions.