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Updated over 8 years ago on . Most recent reply

User Stats

265
Posts
59
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Eric DeVito
  • Staten Island, NY
59
Votes |
265
Posts

traditional loan vs HELCO? Which should I start with?

Eric DeVito
  • Staten Island, NY
Posted

Hello all, so I narrowed in on an area I want to invest in which is Allentown, PA. Looking to get a SFH. My question is I can use a Traditional loan but the property price will be lower due to the amount of savings I have which is around $10,000 or I can try to get a HELCO from equity I have on my primary residence which I should be able to get a line of credit around $50,000 from various banks I have spoke to thus far. This will able me to purchase a better property perhaps or at least I could pay off a property in full because the area I am looking in I could get a SFH below $50,000. Need advice please!

PS: I already have a VA Loan out for my primary residence which I purchased last year and it is a SFH.

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