Using a personal LOC as a down payment???

[Alex Loera]

Hello BP family,

I live in San Antonio TX and I am getting ready to apply for a personal LOC.

Im trying to figure out if I can use the LOC for a down payment on a conventional loan?

[Josh Romero]

@Alex Loera

I just started my HELOC process with RBFCU in San Antonio. I am hoping on using the HELOC as a down payment on another multifamily property. This is my first HELOC ever and decided to pursue it after watching several YouTube videos referencing this strategy. Make sure to ask the loan officer as many questions as possible regarding the terms of the HELOC, Early payment penalties, minimum withdrawal amount, draw period, etc.

Good luck Alex.