Realtor · Arlington, VA · Member since 2021 · 42 posts · 35 votes
Hello!
I initially planned to cash out/refinance my primary residence as if it was a BRRRR, but the rates make the mortgage unmanageable for the long term as I locked in a pretty decent rate at the time of purchase. Instead, I'm looking at options to leverage a HELOC on my primary residence that I purchased with a family member as co-owner, but she lives in a different state. My DTI (on my own) is too high to qualify for a HELOC at the local credit unions that I've talked with, and they won't let someone apply as a co-applicant if they don't live in the property as well. I'm hoping to find a bank that would be willing to let us apply together as co-applicants so I can unlock some (pretty significant) equity in my home. (Banks that won't work include: Tower federal, arlington community federal credit union, and department of commerce federal credit union.)
Any ideas or recommendations that you have would be much appreciated!
In my experience, it is pretty standard for second lien lenders not to allow for a non-occupant co-signor. I would be curious to know if you do find one. Keep us updated and post if you find one as I imagine that will be helpful to many thinking about the same thing you’re looking into.
Hi Paul, thanks for your response! I was able to find that Apple Federal Credit Union allows for a non-occupant co-signor, at least per initial screening conversations with them. Additionally, I've been chatting with a bank in West Virginia that may allow us to move forward as well. Still haven't pulled the trigger yet- we will see!