Can I apply for a second
mortgage secured against an investment or rental property?
Yes, it is possible to get a traditional second
mortgage or a home equity line of credit on a property that is non-owner
occupied. Most lenders will require that you maintain at least 20% equity in
the property (after closing on the second mortgage), and there may be a loan
maximum which is lower than that of owner occupied loans. Additionally, the
request for qualifying documentation from a borrower may be higher than that of
owner occupied loans.
Other Home Equity Line and Second Mortgage Questions