HELOC Lender in Texas

[Jesse Weaver]

I have a first mortgage on my house and I'm looking to pull money out with a second mortgage through a HELOC to buy property. Does anyone know of a good lender that provides HELOC's without a principle pay down requirement prior to the loan maturity?

[Jesse Weaver]

Hi Kerry, you may be able to get a HELOC on your home loan if you didn't do a cash out refinance previously on your home or if your 1st mortgage isn't considered a 50(a)(6) loan. From what I've read, getting to more than 4 properties is just a matter of finding a good list of investor friendly lenders that don't typically resale your loan to Fannie/Freddie. I'm definitely not there yet myself, but I'm sure there are people on bigger pockets or in your local market/REIA that could point you to these lenders.

If you have enough equity in your investment properties, you could also refinance those properties to get cash out. However, it definitely wouldn't be a HELOC, but rather more of a traditional mortgage with amortizing principal and interest.