All Forum Posts by: Weng L.

Yes I am looking for HELOC on each of 3-4 rental properties, will use it to cash buy other rental properties (BRRRR). PriorityOne can do 2 HELOCs, so I need another 1 or 2 HELOCs.

And yes I do have a primary home for HELOC, but I don't need to ask question on the forum about where to get HELOC on primary home, because any lender will do it.

Originally posted by @Scott Rogers:

@Weng L.

It's not clear what the end goal is here? To have a HELOC on each of your rental properties? What would this be used for?

What you have is positive in some respects because a large amount of lenders will not allow a HELOC of any kind on a rental property. Do you have a primary residence that could be the source of a HELOC?

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I am located in south Florida, having hard time finding good HELOCs on rental properties

-- PenFed: 80 LTV, not allow borrower to own more than 3 properties including primary home

-- TD Bank: 75 LTV, not allow borrower to have more than 2 rental properties that have mortgage

-- CrossCountry: 80 LTV, but rate is very high, prime+4.5 for LTV>75. This is even higher than unsecured personal line of credit from Suntrust

-- PriorityOne Credit Union (local to Broward county, FL): 75 LTV, prime+1, can do up to 2 HELOCs only

Any other HELOCs lenders can do 75 LTV with reasonable rate?

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Hi Eric,

Is this a fannie mae guideline?
I asked my broker and was told that personal line of credit is ok (It is unsecured).

Originally posted by @Eric Veronica:

@Weng L. The key word here is "SECURED". A secured line of credit (home equity line of credit) can be used as qualifying down payment as long as the line of credit is in your name. An unsecured line of credit (credit card) cannot be used as a down payment.

This answer assumes that you are looking for conventional financing.

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Hi Frank,

Why down payment has to be seasoned for 6 months? Lenders only check 2 month's bank statements, right?

Originally posted by @Frank Chin:

I gone through that. If I got a mortgage, and the down is from a credit line, they would consider the deal 100% financed, a NO NO. If it was seasoned for 6 months, it's OK.

What we did was show them a joint account my wife and her mom had for 10 years, and they approved it that way.

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Does conventional loan lender allow you to withdraw money from personal line of credit or heloc as down payment of investment property ? or it has to be seasoned? Thanks

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I was wondering what lenders can do 80 CLTV second mortgage or line of credit on rental properties in south Florida (not Penfed, it only allows 4 properties). So far highest LTV I can find is TD bank 75% HELOC

Sorry for posting it here, but my similar post got deleted by admin when I start a new post

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My similar post got deleted by admin.

I was wondering what lenders can do 80 CLTV second mortgage or line of credit on rental properties in south Florida (not Penfed, it only allows 4 properties)

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All Forum Posts by: Weng L.

Weng L. has started 24 posts and replied 87 times.

Post: HELOC on Rental Properties

Post: HELOC on Rental Properties

Post: Does down payment from line of credit need to be seasoned?

Post: Does down payment from line of credit need to be seasoned?

Post: Does down payment from line of credit need to be seasoned?

Post: I need a Lender in Florida

Post: Private Lender in Fort Lauderdale