Updated over 7 years ago on . Most recent reply
Using a heloc for a down payment
We are about to use heloc funds as a down payment on a new house. The heloc funds can only be used on a place that will be our primary residence, so this will make our current house (the one the heloc is coming from) our first rental property. The rent that it will generate looks like it will cover the expenses + the heloc payment and the new place we’re looking at has potential to add some sweat equity. All of this being said - I’m still scared. I’m sure somebody out there has done something similar. What was your experience? I’ll take all the advice I can get. Thanks in advance.