financing and buying

[Julie J.]

Hello everyone 

A newbie, trying to buy $450-550K home.  

Would you mind shedding light on my situation?

$84k down payment 

credit score 790+

90k-100k/yr income

$400k equity in investment property

To buy 450-500K home

1)Should I use the 84k to pay down on investment property and get HELOC? (in this case, my mortgage balance will cut down in half and my monthly rental income will cover most of the HELOC payment)

OR

2)should I pay off the entire mortgage and take out as much of HELOC ( the problem here is, I am worried that home price will be twice as much, should I wait to pay off mortgage)

OR

3) is there any "creative financing" or better ways available that will make the purchase of 500K home possible NOW?  

Thank you all so much for all your input.  Whatever advice you can throw out would be helpful!