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Home equity loans on non-owner occupied properties

Do lenders offer home equity loans on non-owner occupied properties?

Michael Jensen, Mortgage and Finance Guru
, Mortgage and Finance Guru

Home equity loans for non-owner occupied properties are relatively uncommon but you can use our HELOC RATES function to review rates and fees for lenders in your area. Many traditional lenders do not offer them. Your best option to contact local credit unions including PenFed Credit Union (which offers home equity loans and home equity lines of credit (HELOC) for non-owner occupied mortgages) and Navy Federal Credit Union. Bank of the West also offers home equity loans for non-owner occupied properties. You must meet certain eligibility requirements and be a member of the credit union to use their products but Bank of the West offers loans to all qualified borrowers.

Please note that some lenders may apply a lower maximum combined loan-to-value (CLTV) ratio of 80% for a home equity loan on a non-owner occupied property as compared to an CLTV ratio of up to 90% for loans on an owner occupied property. Be sure to understand the lender's LTV ratio limit and borrower qualification requirements before moving forward with your loan. Additionally, because home equity loans for non-owner occupied properties are relatively rare some lenders may impose additional borrower requirements such as opening a deposit account with the lender.

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About the author

Michael Jensen, Mortgage and Finance Guru

Michael is the co-founder of FREEandCLEAR. Michael possesses extensive knowledge about mortgages and finance and has been writing about mortgages for nearly a decade. His work has been featured in leading national and industry publications. More about Michael

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