Creative down payment options for investment property

[Laurie Mosley]

Hello everyone,

Here is my situation.

I want to buy an investment property in SC, I have one investment property in FL paid for in full, I have my primary residence in Nm that still has a mortgage and probably $15000 equity.

Is it wise for me to use some of the equity from the Florida home say 1/3 which would give me 20% down easy. 

If it is wise, how should I go about it, refi, Heloc or does anybody have any other ideas?

I'm mostly concerned about how it would affect my debt to income ratio, right now I have my mortgage and a car payment, and a HOA fee on rental property.

Eventually I would like to move into the SC home and rent my current primary residence out.

Thanks for your help 

[Andrew Davis]

What @John Kent said is right on the money! (excuse the bad pun).

Lenders are going to want to see seasoning, generally 2 months for a conventional loan non owner occupied investment property.

Start talking to your mortgage broker or lender now about how best to prepare for the purchase, it will save you a lot of time and headaches when you're actually ready to buy.