Updated about 7 years ago on . Most recent reply
Using a HELOC to househack
My wife and I are looking to get a duplex or up to a fourplex in Utah county, Davis county, or Weber county. We are going to use a HELOC to buy a place, we are doing a FHA loan so we are only putting 3.5% down. We are then going to rent out the upstairs of our current residence (we already rent the basement out) and then move into the new property. Is this a good idea as long as we cash flow? Or are there any inherent risks to this strategy? Any advice would be appreciated! Thanks!
Chad
Most Popular Reply
That is right: Mountain America CU is doing 10% and 15% loans. You do have to pay 2.3% to MACU at closing with 10% down loan and 1.5% with 15% loan. The interest rates are also slightly better with 15% down loan.