​HELOC / $ in account question :

4 Replies

Would a Lender use the $ that I have in my HELOC account ........... would they let this count towards being $ that I have in a " Savings Account " , as they want to see that you have 6 months of Rent saved up " Per " rental / your own personal Residence that you have Thank you for the input and help 

I am not sure what you are asking. Probably your best bet is to talk to a lender and see what they consider proof of funds. I'm guessing that you are talking either about a down payment or savings to allow a refinance. See what your local bank is willing to do.

In my experience the short answer is NO. What you could do and I have done this is transfer a little more than what they need in to my savings, then let it sit there for a couple months. 

Brian Cardwell

    kinda not really.

    you could do it if you took the advance out and seasoned it in a bank account for ~2 months.

    though the debt service will certainly affect your DTI

    I always have them use my IRA as a reserve account

    Alexander Felice

    Thank you all for your help 

    Alexander Felice ,

    So you are saying that I should go ahead and withdraw 6 months worth of payments for both my Primary and this Investment property , and put it in a Savings account and let it seasons a few months ?  Thank you for your help 

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