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#451845 - 11/03/05 03:47 PM Number of HELOC's
Anonymous
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Is there a limit on the number of HELOC's a person can have? If they plan to stay in a resdience 14 days a year, then it can be considered owner-occupied. So can they have a HELOC on their home, their beach house, their mountain home, etc..and rent these out all year...just staying there 2 weeks each a year?

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#451846 - 11/03/05 03:51 PM Re: Number of HELOC's
#12 Offline
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Joined: Jun 2005
Posts: 1,338
I believe you can only have a HELOC on your primary residence. But, I can't provide you with a cite, and I don't know for sure!
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#451847 - 11/03/05 04:15 PM Re: Number of HELOC's
Cowboys Fan Offline
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Joined: Dec 2002
Posts: 4,600
SC
The number of HELOCs and the type of residence that can secure it would be determined by your bank policy rather than federal regulations.
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#451848 - 11/03/05 04:21 PM Re: Number of HELOC's
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,017
Bloomington, IN
Quote:

The number of HELOCs and the type of residence that can secure it would be determined by your bank policy rather than federal regulations.




I agree.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#451849 - 11/03/05 04:29 PM Re: Number of HELOC's
#12 Offline
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Joined: Jun 2005
Posts: 1,338
Thanks for correcting me guys. I didn't know that!
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#451850 - 11/03/05 04:52 PM Re: Number of HELOC's
GreatBlue Offline
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GreatBlue
Joined: Feb 2003
Posts: 2,362
Colorado
And also based on state law. I believe Texas for example restricts the number.
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