HELOC for Non-Owner Occupied 2 Family?

Has anyone recently qualified for a HELOC for Non-Owner Occupied 2 Family?  If yes, which bank?  We live out of state right now.  Apparently that’s an issue too.  Any ideas?   Thanks!

hbranty

in Mortgage 12 years and 2 months ago

1

Please log in, in order to post replies!

1 replies

Newest Oldest

mortgagepro | 12 years and 2 months ago

string(1) "1"
object(WP_User)#4892 (8) {
  ["data"]=>
  object(stdClass)#4873 (12) {
    ["ID"]=>
    string(6) "176946"
    ["user_login"]=>
    string(11) "mortgagepro"
    ["user_pass"]=>
    string(34) "$P$BIapD2133mdcyoC4s3n0WuO3baxZ4h/"
    ["user_nicename"]=>
    string(11) "mortgagepro"
    ["user_email"]=>
    string(28) "adamr@southshoremortgage.com"
    ["user_url"]=>
    string(53) "http://bstoner.wpengine.com/forums/users/mortgagepro/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:15:50"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(11) "mortgagepro"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(176946)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

This is indeed a very tough loan product to find these days.  Not the fact that you are out of State, but it is closely equivalent to a cashout refi of a multi family non owner occuppied, which even on first mortgages is not readily available at all lenders.  Then the fact that it would be in second position to a first has everyone taking a pass.    I am not sure if any of the Credit Unions may offer it, but that may be worth investigating? Also, while not sure what the terms of the existing 1st mortgage is (or any other criteria) but have you considered refinancing the first to get the cashout you are looking for?    -Adam Roberts  South Shore Mortgage  adamr@fast2fund.com