Posted on: 02nd Dec, 2008 12:00 pm
Are there any lenders out there today offering HELOC's on single family rental homes, and who are they?
I have 2 rentals..one worth $245k (I owned it free and clear) and later took a $50k HELOC on through BB&T, the second is worth $650k and I have a first mortgage balance of $390k and was able to still secure a $25k HELOC. Pentagon Federal Credit Union (PenFed), gave me that loan. As several have said, if you have the equity...you can get the loan. As per the gentleman "gmarkerley". I understand your point about ones "home", and you'd rather it be called a Property Equity Loan or PELOC. These are my homes. I bought them, i've once lived in them, and now rent them. Even if I never lived inone, I would still say I have 2 other homes, cause at any time I could easily move in one of them, and sell the others.
I completely understand where you are coming from on this, but I beg to differ. If you bought a house, you own a home...you are a home owner. It's called a Single Family Home. Choosing to rent that out, doesn't eliminate the fact that you are an home owner.
I completely understand where you are coming from on this, but I beg to differ. If you bought a house, you own a home...you are a home owner. It's called a Single Family Home. Choosing to rent that out, doesn't eliminate the fact that you are an home owner.
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