Line of Credit for Down Payment

[Dan Verdick]

Hello,

We have our house paid off. At the time of paying it off we took out a line of credit back in 2011. I am looking at rental properties and thinking of using a small portion of this as a down payment. We have enough in our savings but it would drain down our cash reserves.

Since mortgage companies can frown upon using this as down payment. My thoughts were to use our savings then pay our savings account back after the mortgage was obtained or I guess pay it back if it was actually needed. Can I write myself a check and deposit into my account?

What are the best ways to handle this scenario? We are financially stable with no other debt. We have 401k accounts and also have Roth IRA principals that we can tap if needed as well. Any advice would be greatly appreciated.

Thanks,

Dan

[Raymond B.]

@Dan Verdick

@Dan Verdick

@Dan Verdick