Financing a purchase w/ a Home Equity Loan

[Jayme Mendal]

Hi - I would like to acquire a property, but am short $20-30K for the downpayment. That said, I have $300K+ equity in my primary residence. Is it possible to (and/or advisable to) draw a home equity loan against my primary to bridge the shortfall for the downpayment and help me acquire the property? Any alternatives or red flags I should be thinking about?

Any thoughts or suggestions on this would be much appreciated!