Non owner occupied HELOCs in Texas

[Corby Goade]

Does anyone know of a bank that will do a HELOC on a non-owner occupied property in Texas? Thanks in advance!

[Andrew Postell]

@Corby Goade I've called about 200 banks and have 3 here in Dallas Fort Worth who I'd be willing to share. Just PM me if your home is in that area. These banks will need to be pretty small to grant this type of a loan so if you are looking for this type of a loan in another area (say Houston for example) then call around to banks with 1 or 2 locations. If you have never heard of them, that's the kind of bank you want. And use the phrase "Line of Credit" instead of HELOC. That will help you get to the right department (HELOC department is for primary homes...and if you go there they get confused and tell you "we don't offer that" where the bank might actually offer it in a different department).

And Corby, getting a cash out loan is easy, so if you need that please post here...but a Line of Credit is harder.  Just in case you needed one over the other. 

@Trent Honea that "Texas rule to protect investors" thing is not accurate. Please don't take it out on the bank that told you this...I used to work for a bank that actually trained me to say that...and it's not accurate at all.  You can certainly use a cash out loan from your primary home to buy an investment property.  Many people do it all the time and there is no law against it.  What is SUPER frustrating are "OVERLAYS".  Overlays are rules that banks put on top of lending rules to be more strict (or less risky in their view) when lending.  Overlays are the reason why people here so many different stories from bank to bank.  Some people hear "you need a minimum credit score of X to write a Fannie/Freddie loan"...but there is no minimum credit score to Fannie/Freddie.  Some people hear "seasoning" or "need rental income on tax returns to use it"....or "no cash out to buy investment properties".....all of which are overlays.  Most of what I comment on here at BP is just showing people how to do things.  Most investors talk about using smaller banks...and that is because they have less overlays (generally).  Sometimes me typing something can't reflect my tone...and I am just trying to help with this description in case others read it.  I truly am just trying to help an didn't mean anything else in these words except to help others get the right info.

Thanks!