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What are the regulations regarding establishing primary residence for HELOC purposes? Is the qualifying criteria the same as what is used for tax purposes?

by melinda_z766 from New River, Virginia. Jan 5th 2016 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Much more info needed, but in general, There are no "Conforming" loan guidelines for HELOC's, meaning that all the lenders that offer HELOC's can and do have their own lending guidelines.. so to answer your question, it really depends on the lender.. But in general, your primary residence is the place you live "Most of the year".. so if there's 365 days in a year, you must have lived in the property for at least 183 days out of the last 365 days. If you have not owned this particular home for more than a year, then at the very minimum, you must be living it now. More than likely, the lender will have a guideline regarding how long you must have lived there.. But there are may scenarios which can help or hurt your eligibility.. If you purchased this home as a rental, and recently moved in, then there are guidelines that deal specifically with that.. if you purchased it as a primary, then moved a year or so later and rented it out, but recently moved back in.. then there are guidelines that deal specifically with that scenario.. If you inherited the home.. again, different guidelines.. I could go on, but you get it by now.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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

Jan 5th 2016
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Joyce Ettingoff (speedlad)
#35 ranked lender in Maryland - 63 contributions

There are no regulations per se for a HELOC loan. Additionally at this time there are no particular standards. This would be on a case by case basis. My company is a lender and we are licensed in the State of Virginia. We are close by and accessible to you. You may either call me at 301 915 5644 or email at joyce@buckinghamfg.com and I can ask more specific questions and see if we can be of help to you. Thanks so much for your inquiry.

Jan 5th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

Home equity lines of credit are available for primary and investment properties, so not sure if the question is really even an issue.

Jan 6th 2016
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