I was recently denied a HELOC because I was told that the OOR was too low. Is this a Federal regulation or does it differ by bank

More info needed.. I'm not sure what the OOR is (owner of record?, out of range?).. but in general, unlike FHA, VA, USDA, and conventional financing, HELOC's do not have a set of "conforming" guidelines.. each lender who offers HELOC's can and do make their own rules.. and they will differ one lender to the other.. All banks are federally regulated when it comes to fair practices, but their tolerance for risk and what they define as risky will vary from one lender to the other.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Hello John,Don't know what the OOR being too low is? I would contact a couple local community banks and credit unions and see if they might be able to assist you. I am sorry but I am in Colorado. You can also contact local mortgage brokers and see if they can assist. You can find them on the national association website: www.namb.org and put your state in the drop down menu.

Hi John, never heard of OOR before. Kay's advice is solid - seek out a local lender for a HELOC. Just because one says no, doesn't mean they all will. HELOC's have additional risks to the lender and some may be willing and some may not. Best of luck to you.

John,We have no minimum credit score requirements for HELOC's - as long as you have the necessary income and equity in your home for the loan amount you are requesting there should be no issues. Feel free to email me and we can set up a time to speak. Justin Murray / JMurray@WintrustMortgage.com / 312 256 4065

All banks, mortgage companies and credit unions are different. Keep looking and you may want to look into credit unions.