Prequalified for 250K mortgage, but...

[Maron Faulkner]

I got pre-qualified for an investment property (SFH) in Idaho for 250K, but now I can only get a HELOC on my primary residence for 48K, which isn't enough to fund the down payment.

The original HELOC was for 100K, which would have helped cover taxes and insurance and getting this whole thing started. First investment property. But, as the banker explained, because I am pre-qualfied, the bank is counting this like I already have a property that I am paying the mortgage on. And I haven't even identified a property! In fact, not headed to Idaho for another couple of weeks.

Eek. Rookie here. Any thoughts on a solution or do I need to wait and start over?

Many thanks.

Maron Faulkner