Using HELOC as downpayment on Renovation Loan

[Andre Brasser]

Hello,

Does the HomeStyle Renovation Loan have requirements on where the down payment comes from (for an investor). I know I'd need ~20% of purchase + rehab costs and that rehab costs must be less than 50% of ARV.

Based on estimates, I'll need $60k at closing. I have $35k liquid, an approved HELOC for $60k, plus other less liquid assets (and excellent credit score etc...). Does FNMA care that part of my cash will be coming from the HELOC (i.e. deny me for this?).

Thanks,

Andre