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Updated over 9 years ago on . Most recent reply

Jeff McIntyre's profile image
Jeff McIntyre's profile image
Jeff McIntyre
  • Investor
  • from Seattle, Washington
  • Member since Apr 23, 2015

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Jeff McIntyre's profile image
Jeff McIntyre's profile image
Jeff McIntyre
  • Investor
  • from Seattle, Washington
  • Member since Apr 23, 2015
Jeff McIntyre
  • Investor
  • Seattle, WA
9
Votes |
10
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Buying & Selling Real Estate

Using a HELOC for down payment/closing costs

Jeff McIntyre
  • Investor
  • Seattle, WA
Posted
I recently acquired $100k HELOC. My question is do I have to transfer funds to my checking/ savings account and let it "season" for 60 days before using it for down payment/closing costs for the purpose of getting a mortgage?
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Scott Weaner's profile image
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Scott Weaner
  • Rental Property Investor
  • from Yardley, PA
  • Member since Jan 5, 2008

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Scott Weaner's profile image
Scott Weaner's profile image
Scott Weaner
  • Rental Property Investor
  • from Yardley, PA
  • Member since Jan 5, 2008
Scott Weaner
  • Rental Property Investor
  • Yardley, PA
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Scott Weaner
  • Rental Property Investor
  • Yardley, PA
Replied

I have used my HELOC for this. I informed the mortgage company in advance, and they didn't seem to have an issue with it. I suggest that you ask your mortgage company well in advance.

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