All Forum Posts by: Paul Whitehurst

It is turnkey and no rehab needed as they already did this. Price is 290k and I will put 25% down. Rent is 3300 a month. They said they will not take rent into consideration and declined me because they are using the mortgage of that new loan, my current mortgage and HELOC payment off of just my income now, which is dumb because of course I can't qualify. I guess that's what I get for telling them what HELOC was for. I will just go to another bank and not tell them it's for an investment property.

Hi, I am looking at getting into investment properties. I understand this is a good way to become financially secure over time and am eager to start. I want to use my current home and do a HELOC. My home is worth around 215k and I owe 127k. I was told I could get 65k out in a HELOC (90%). I went to get the HELOC and they asked what it was for, I told them an investment property of 290k. I am not familiar with how HELOCs work but they declined me saying my DTI is too high. Stating that they are using the mortgage of the investment property as a reason because it would put me above their threshold.

Are there ways around this?  I had no idea they would decline me for MY OWN MONEY technically.   Should I have just not told them what it was for?  Or what are other ways I can access this equity to purchase?  Thank you