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Updated over 6 years ago,
Down payment with new HELOC
I am in the process of getting pre approved for an investment property and noticed the paperwork said I need proof of seasoned funds (2 months) in an account for the down payment.
I plan on using a HELOC that doesn't get funded until later this week. Does anyone know if that needs to be 2 months old? Do I need to pull the down payment and have it sit in my checking account for 2 months?
I reached out to the lender for answers last night but am anxious to get an answer. Any input would be helpful.
Thanks!