HELOC lenders 4 unit owner occupied in Chicago?

[Matt Said]

Wondering if anyone has any recommendations on where to get this specific type of loan. At this point, I don't care if it is interest only vs. prinical + interest. I own & live in a 4 unit in Chicago and it seems like 3-4 is problematic vs. a 1-2 unit HELOC. I applied at one bank where the branch mgr said they could do the loan but underwriting shot it down due to it being 4 units.

Not looking to refi at this point because I like my 3.5% 30 year rate.

Thanks!

[Jason Albasha]

You have to play by their rules. For 1-2 they don't care about this yet 3-4 units have to be "self-sufficient". That means 75% of gross income must cover PITI.

I’m not a mortgage broker so someone please correct me if I’m mistaken or thinking of a different program.