Home Buying in California>Question Details

Lookyloo, Home Buyer in CA Bay Area

Do banks do HELOCs on investment properties newly purchased?

Asked by Lookyloo, CA Bay Area Tue Apr 7, 2009

My original plan was to purchase an investment SFR for cash. Then do a HELOC to pull a few thousand out to paint/appliances, etc prior to renting it out. I was told by a bank loan officer that they do not do HELOCs for investment properties. They also do not do HELOCs for newly purchased owner occupied homes (you have to wait 6 months). So she recommended that we do not do a cash purchase at all. Is she right? Or was she just trying to get me to do a standard purchase loan through the bank??

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