Financing in Washington>Question Details

Jerry, Real Estate Pro in 20020

HELOC on an investment property

Asked by Jerry, 20020 Wed Oct 15, 2008

I just finished rehabbing a single family row house (2 levels plus a basement, 4 bedrooms, 2 full baths). I will be renting it shortly. As a result of the renovation, the value of the house has increased and I'm sure there's equity in it. How do I go about getting a loan against this property and it's appreciated value? Can I get a HELOC even though the house is not his primary residence? I'm guessing the procedure is different for investment properties.

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I believe so, up to 65% of your home's value. Up to $500,000. Prime + 2.00, maybe lower depending on the size of the HELOC.
Talk to Alex Echeandia of Choice Finance
301-881-8900 x208
2 votes Thank Flag Link Thu Oct 16, 2008
Hi Jerry,

Wells Fargo has great options for a non owner investment loan. Please call me if you would like to discuss rates and options for you new loan.

Sincerely,
Jacqueline Kounkel
303-907-3334
1 vote Thank Flag Link Fri Oct 17, 2008
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