Are there any banks that will do a HELOC for an investment property?

Asked by Brian Cook, 30530 Wed Apr 29, 2009

I have a house that was willed to me, paid off, and I have been using it for a rental income. Will any banks do this for anymore? The LTV would only be about 45%. Thanks!

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Carisa Migli…, Agent, Mableton, GA
Mon May 4, 2009
Banks are tightening down on all loans especially investment loans. You can refinance the loan, but the bank will want to insure that you have owned the home for at least 6 months and will only want to lend about 75%. Right now, investors are limited to 4 mortgages per person where it used to be ten. This is in the process of being reversed. Let me know if you have anymore questions.

Carisa Migliore, Reator
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