Updated about 3 years ago on . Most recent reply
HELOCS...Initial draw delay
Good day BP community...
So I had a initial meeting with a possible lender I may want to do business with...and one of my questions was " if i will be using proceeds from a HELOC on my primary for 20% down on an investment...how will the underwriter look at the funds...will they want them to be seasoned"...
He then told me that the initial draw on the HELOC will be delayed by 90 days...
That might be the case for Lender "X"...but is that the norm these days??
Never heard of such a thing