Asked by Aj, Herndon, VA • Tue Dec 29, 2009
I took a 10 yr fixed Home equity loan (HEL) on my primary residence about 4 years back. We moved out of that property after a year of taking out the HEL. It is a rental property now. I would like to convert the HEL to HELOC because that will help me qualify for buying more investment properties. Are there any banks/credit unions in VA that do HELOC for investment property or is it possible to convert the HEL to HELOC? I approcahed the bank where I have HEL. They dont want to do it since it is investment property.
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