Heloc terms on 150k loan and using money from it as down payment

[Alex Hal]

I want to take out 150k heloc from my primary residence in nyc for some of the monies to go towards down payment on investment property (enough ltv left over).   The primary note lender,  a credit union, is charging a $1,000 Fee which includes underwriting and appraisal, + title charges (1% of loan amount).  Anyone have any other experience with average costs?

Additionally,  has anyone had any roadblocks using funds from heloc towards a down payment on investment property?  I have enough recurring income to carry the investment property. 

[Brian Cardwell]

hey Alex, When you get your heloc don't take more than 50% draw on it. If you do, you will take a hit on your fico. The other thing is you want that draw money to sit in an account for a couple of months . Then there should be no questions asked about your down payment.