Rental Income Disqualifies HELOC Refinance?

[Mike Taravella]

Hello BP Nation,

My buddy is trying to pull out some equity from his house and told me that he because he received rental income from renting out his room that it disqualified him from using HELOC. He said he talked with three banks and found the same result.

I am a novice when it comes to the refinance, but I have seen forums discuss HELOC vs Conventional refinance and was wondering if it is just the certain banks he discussed with.

Any insight would greatly appreciated!