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Updated 7 months ago, 06/21/2024
how to leverage equity of paid off home
Hello, novice here looking for some advice from this great community, I'll try and keep it brief!
I fully own my townhome here in Las Vegas (valued at $400k+), wife and I would like to buy a larger home (around $600k). I have VA disability/Federal Deferred retirement/self employed1099 income, but isn't enough to qualify for a new loan on it's own. (also, no debts at all and credit scores over 800).
Really want to avoid selling current home and renting it back for a while from the buyer until I find another home, get a loan for the difference. Realtor friend suggested a bridge loan or Heloc but neither seem viable from my research.
I would think there would be a way to leverage the equity in my current home in this situation? Any advice is appreciated, thanks!