Getting HELOC approval with low W2 income
Hello everyone!
I am new to the real estate investment business. I purchased a single family home in the Salt Lake City market that I am living in/house hacking. Home was purchased for 440k, and is currently (“Zestinated”) estimated value of 600k, although there have been some improvements to the home since purchasing. I now have 100% equity and no debt on the property.
I do not have strong W2 income… 30-32k. I am having trouble finding heloc lenders that like that number, although having a strong asset.
Curious to hear from folks ideas and leads to get heloc approval. All guidance is very welcome!!
Thank you :) -Kevin