question regarding HELOC

[Amanda Berg]

Hello BP community!

I'm trying to get my finances in order right now and I have decided to do my first flip with funds from my HELOC. I'm trying to determine what a bank or credit union will give me. If the value of my house currently is 510K and I owe 285k what is the most line of credit I can expect?

Thanx in advance! I love this community!

Real Estate is so much fun!

[Jason Vaughn]

As others said it all depends. I am signing papers Friday to finish up my HELOC that I have similar plans with. In Washington I was monitoring rates for 6 months before and Navy FCU was always the lowest so I am going through Navy FCU they go up to 95% at 8% interest only payments for 20 yrs then it turns to installment laon for next 20yrs. Also I double checked they do business there and have branch in Miami but you don't have to go to branch, in fact I have never been to the branch. Fyi their membership requirements are pretty lax but need someone in family that was in military.