HELOC on Owner Occupied Triplex

[Clayton Jeanette]

Hi BP I currently own a triplex in Tucson AZ where I live in one of the units. The other two are currently leased out for the 2017/2018 and I have 25% equity in the property. My question is can I take out a HELOC on the equity I have? I've been told that my property is treated as an investment property because it's a triplex, but it is my primary residence. I've read that with a single family house it's possible to get a HELOC up to 85%LTV. What are the HELOC limits and rules for an investment property and would someone in my situation be able to get a HELOC up to that 85%LTV? Thanks.

[Albert Bui]

Yes you can get a HELOC on your primary residence even if its 2-4 units it depends on the bank.

Try a local credit union because some banks or CU's will only do them 1-2 units, but there are ones that open HELOC's for 3-4 units too like BECU.org.