Penfed HELOC and homestead exemption requirement

[Nathan Williams]

Hello, I was looking to do a Penfed Heloc on a Houston investment property I have. But I was told a requirement from the mortgage consultant that does not make sense at all: the property must have a Texas homestead exemption in place.  But from what I'm reading its impossible for an investment property to have this exemption.  Am I missing something here, or is this mortgage consultant probably confusing the non-owner occupied loan with the owner occupied loan?

Thanks

[Michael Mullins]

They are correct, they need the homestead to be in place. But remember you really wanting to talk to a loan officer that does Commercial property's. You attempting to take out money on a commercial property anyways. Yes it's a house, but it's a house that makes money. You need to contact local banks in that area, and ask them for the commercial side of the bank, ask them for a LOC on a rental.

Feel free to contact my guy here in Austin, he is the VP of the bank and really easy to deal with. 

Tom Alt
BancorpSouth : 5501 A Hwy 290 W. Austin, TX 78735

If you do a google search you will be able to find a phone that will lead you to him, if not just message me and I'll send it your way. Don't give up just keep calling local banks / credit unions in your area too.