Using HELOC as downpayment for first rental prop purchase
Newbie here. Has anyone used their primary residence HELOC to fund their downpayment for their first (or any) property purchase? i've searched the forums and maybe i missed it, but don't see anything speaking directly to this point.
I have a few hundred grand in equity in my primary, but currently only have a small HELOC ($25k, taken out many years ago and never really used) on it.
My questions are:
1) When using primary residence HELOC, do you have to inform the lending bank as to whether you are using it to purchase another property (OOS to boot)?
2) Same for asking for the bank to increase the amount to be increased? Generally do you need to inform them as to the purpose, or can it be general?
FHA/house-hacking is not an option for me (I live in an A+ neighborhood with best public schools in area w/3 kids). My current home is on a VA loan, FWIW.
Thanks in advance, these forums are great