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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