HELOC

[Charles Stubblebine]

I bought a SFH in 2011 in Delaware using VA. Since I am in the military I was transferred (PCS'd) to a new assignment in Florida. I rent the SFH out in Delaware and I bought another SFH in Florida using VA again. I want to get a HELOC on the equity I have on the SFH in Delaware, but Bank of America will not let me do that since the house in Delaware is not my primary house anymore. Does anyone know how I can get a HELOC opened on the "secondary home" that I am renting out in Delaware? I keep hearing that you cannot get a HELOC on a house that is not your primary home. I do not want to refinance and cash out. I only want a HELOC so that I have access to cash if I need it to cover the mortgage payment during vacancy and/or a future down payment on another SFH should I PCS again in the near future. thank you in advance.

[Patrick Liska]

Try a smaller lender / Bank and ask if they have a commercial lender you can talk to. as a rental you are now dealing with commercial loans. they will give you the different options that they can work with you on. and just a side note, make sure that you have a commercial insurance policy on the home too, a regular policy may not cover for renters in the house, check with youir insurance co. on that.