Penfed has Axed the Non Owner Occupant HELOC

[Adam A.]

Penfed has Axed the Non Owner Occupant HELOC. Gotta love it how they pull it right before I was about to do two investment helocs with them.

[Matt Devincenzo]

I'd keep an eye on it and see when/if it changes. I think they did the same in March 2020 and within 3-6 months it came back. When the markets are rapidly changing it is prudent to minimize the riskier portions of the business until there's enough stability to make a wise decision. I'm actually glad to work with business that are willing to minimize their profits in the short term to maximize their stability in the long term. I was also hoping to complete a HELOC on a rental coming up, so I'm in the same boat...but I'm betting it comes back before too long.