HELOC on Rental Properties. PENFED

[Tom Nguyen]

I just want to give an update to those who want to get HELOC on Rental, especially through penfed.

They will give HELOC on rental up to 80% LTV

Owner can not own more then 3 properties. 

If owner have 4 properties, they can only do HELOC on the primary resident and not the rental.

just giving this information out so you don't have to go through register account with them.

[Kerry Baird]

@Matthew Hall, PenFed stopped doing them on rental houses in 2021 or so, and haven't picked them up again.  They will do one on a primary residence.  There are others that will do HELOCs on rental properties. 

For example, Navy Federal will do up to 95% of your home's equity, 20 yr draw, 20 year repayment, can do interest only, they are stating "as low as" 7.750%.  From Navy's site:  "Home Equity Lines of Credit are available for primary residences, second
homes and investment properties. Primary residences are owner-occupied, principal residences only. Second home properties must be owner-occupied at some point during the year. Investment properties are
non-owner occupied."