Will a bank approve HELOC to purchase investment property?!

[Dessiree Jimenez]

Hello everyone. I'm very new at REI. In fact, I have not purchased my first investment property because I dont have the funds. I do have about $150k equity in my primary home. I applied for a HELOC through a major bank and was denied due to DTI. I have good credit, very little debt and received a counter offer of $25k.

My question: I know there are many "investment friendly" banks out there, but will they approve a HELOC with the intentions to purchase an investment property, regardless of DTI. I guess the real question is if they will consider the potential rental as "income". If so, which banks should i consider and how should i go about that process.

Thanks so much in advance.  

[Tom S.]

@Dessiree Jimenez I recently used Aven bank with has an interesting concept of issuing a credit card, with the limit determined by the equity in your home and the LTV they would lend to.

They were easy to use, did a soft credit pull and offered me $100k at 6.99%, no fees at all. I proceeded, at which time they did the hard credit pull, set up an appointment with an on-line notary and I signed all the docs.  This was all on Monday and it showed on my credit report today as a new home equity line.  So quick and easy.

The actual concept of using the card I can't comment on yet (as I haven't received the card in the mail yet) and it will be interesting. They offer 1.5% cash back on charges, and 2% balance transfer fee to pull money into my checking acct.  Not super happy about that fee but the ease of the application and speed were really nice.