Atlanta HELOC Lenders
I am currently considering doing a heloc on my primary residence to buy and flip an STR property. However, my bank only offers 80% LTV. Does anyone know of some lenders in the North metro Atlanta area that would do an 85-90% LTV? I just bought my first STR prop a couple of months ago so my DTI may not be adequate, but would certainly be worth looking into!
Side question: how soon can you recognize rental income on your DTI ratio?
Thank you in advance for your input!
-Ben
Most Popular Reply
No recommendations on the HELOC but I've had multiple lenders tell me that to recognize STR income you either need 2 years or be able to show it on your tax return. I bought one last June and to qualify for another 90/10 had to get my taxes done in Feb. this year. After that no problem. All depends on the lender though. Let me know if you find one that will honor it sooner!