Investment Property HELOC question - located in Memphis Tennessee
I am wondering if there is any difference between taking out a HELOC on an investment property versus a primary residence. I am interested in a HELOC for an investment property in Memphis, estimated value of $60k. I am wondering how much I could get on my HELOC - 70%? 80%? and at what the typical interest rate is currently. Also, I am assuming the interest on a HELOC is only tax deductible on a primary residence and would not apply to my case. Please confirm. Thanks for your time. by CelinaN from Memphis, Tennessee. Jun 11th 2013
James Mazzola (Mazzola)
#109 ranked lender in New Jersey - 314 contributions
Very Difficult. You might find a Fixed Rate up to 60% Try a local bank
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions
A fixed rate equity or purchase loan, up to 75% of appraisal value, will be easier to obtain than a HELOC. The interest payment deduction on an investment property is taken on Schedule E of IRS form 1040; it is taken on Schedule A for the primary residence.
Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions
You really need to talk to a Lender411 Loan officer about your situation. A Heloc on an investment property is the riskiest loan for investors which goes with having more strict guidelines.
Sean McCay (Sean.McCay)
#590 ranked lender in California - 4 contributions
It would be very difficult but would not be impossible. Most bank and lenders online have a minimum loan amount size, your best bet is to try to find a local retail bank.
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