Have you looked at your closing package? I ask because I have seen Amegy HELOC closing packages and the intent question is in the package. .And you also understand that banks sell the vast majority of their first mortgages to Fannie/Freddie just like a non bank lender. (and yes, first mortgages and the 2nds we have been talking about are different animals) but when you say
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never run into a situation where the future use of the property is part of the equation. The borrower is honest and transparent about the use of the funds and if they qualify with the property use currently then we move forward. Never been a problem. I could see it being an issue if using an outside lender/investor.
That is simply not true if the loan is going to be sold to Fannie/Freddie, and I would certainly venture on your standard issue jumbo program occupancy is 100% important as well.
But, as I have said before, if a buyer can buy without using a bridge loan then wonderful. But, after lending close to 100 mm in bridge loans (or own money, so not a banks) in the last 3 years the debt to income ratio is already too high before adding a third loan in the form of a HELOC. Maybe going from a 15 year to a promo rate HELOC with your bank (I say your bank because most banks will not allow what you are saying yours will) as you mentioned above would work in a tiny % of cases but it is not at all a blanket cure for what a bridge loan is used for if debt to income ratio is the issue.
