Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 2 years ago on . Most recent reply

User Stats

29
Posts
7
Votes
Eric Rodriguez
  • Real Estate Investor
  • Pomona, NY
7
Votes |
29
Posts

Using a HELOC to buy an Investment Property

Eric Rodriguez
  • Real Estate Investor
  • Pomona, NY
Posted

Hi BiggerPocket,

I recently reached out to my lender to ask about using a home equity line of credit as my down payment and reserve funds for purchasing another property and was informed that this is viable however, the lender requires a minimum of two months for the funds to be sitting in the bank. Is this your experience with all lenders or is there a way around the two month waiting period? Thank you in advance guys.

Most Popular Reply

User Stats

2,086
Posts
2,139
Votes
Andrew B.
  • Rockaway, NJ
2,139
Votes |
2,086
Posts
Andrew B.
  • Rockaway, NJ
Replied

I think what's happening is that lenders don't like to see you using borrowed funds as a down payments. when you get the loan, the lender will look over your last two months bank statements, and any large deposit or transfer will be scrutinized as to the source. If the HELOC funds sit in your account for two months, no one will see the source of those funds.

Loading replies...