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Updated over 1 year ago on . Most recent reply

User Stats

5
Posts
2
Votes
Jess Sanchez
2
Votes |
5
Posts

Heloc + savings for downpayment

Jess Sanchez
Posted

Hi, I’m hoping to buy my first 2 family rental house within 5-6 months from now. I probably have 66% of the downpayment for the price range in the area I’m looking at. I read from other people’s post that I can use heloc from my primary house to combine with my savings to come up with the 25% down required since I won’t be living there. My question is should I apply for heloc now and just have it available til I find the deal or should look for a house first before opening a heloc? I’m just worried because I don’t know how long it takes to get a heloc. TIA for the advice!

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