HELOC on Rental property

skydivecock · July 6, 2006, 1:57pm

any of you guys out there know of a lender that will do a HELOC on a rental property?

aak5454 · July 6, 2006, 8:09pm

BofA and Wells Fargo.

80% LTV up to 100k line at prime +0.25%

just did one last month

elroa · July 9, 2006, 6:33pm

what kind of a credit score do you need?

aak5454 · July 10, 2006, 4:57am

I have 720+; if you are below 720, they might hit your for an extra 1/4 pt or something.

4EEM1 · July 10, 2006, 4:28pm

620 to start.

ShaunG · July 11, 2006, 6:26pm

I think GMAC and Homecomings may go above 80%? I’m not positive so please do not quote me on that!

Mortgage_Mark · July 12, 2006, 3:47am

First Magnus can get you up to 90% last time I checked.

jagsterr · July 12, 2006, 5:45am

Are there annual maintenance fee, and cancellation fee? I think BOA does not have a annual or cancellation fee.

Mortgage_Mark · July 12, 2006, 3:35pm

Depends on the bank. Cancellation fees are usually very low (200-300 dollars) and are void after a year. And HELOCs typically do not have any maintenance fees.