All Forum Posts by: Hai Vu

I'm getting a HELOC to purchase a second home that would be my primary. I told the banker that I will use the money for a downpayment for a new home. She didn't mention anything about this not being allowed.

-Hai

Originally posted by @Anthony Vann:

Originally posted by @Michael Barbari:

@Andy Collins @Karen Schimpf

Your statements are not correct. You are allowed to use your home equity for downpayments. There is no need to pull it out and waste 2 months of interest parking it in an account.

Can anyone elaborate on this at all and possibly give a real life example?

0 Votes

Hello all! I am new to BiggerPockets and have been enjoying the Podcast and articles. I'm 34 years old and a first generation Vietnamese American. I was born in California and lived a little bit in Michigan.

I'm excited to start learning! Real estate experience: I paid off my first townhouse 2 months ago and just went under contract for a single family home that I look to move into. I am running through the Conventional Loan application process and a HELOC for the down payment on the new home. Finding rates for a HELOC has been interesting and all new!

Now I need to figure out how to rent out my townhouse in Aurora, CO. I also need to figure out how to write a lease, land lording tips, etc. Any help is much appreciated!

-Hai

1 Vote

All Forum Posts by: Hai Vu

Hai Vu has started 4 posts and replied 12 times.

Post: Using home equity loan for downpayment on investment property

Post: New member from Aurora, Colorado