Updated over 3 years ago on . Most recent reply
Second Home - Down Payment
Hello everyone!
My husband and I are interested in purchasing a third property as a Second Home. Although we are willing to wait to make the purchase until we have the full 10% down, we would prefer not to.
We currently own two homes:
Investment (LTR) - we did a cash out refi at the end of last year.
Primary Residence - We went under contract in Sept. '21 and closed March '22, which gives us +/- $100,000 in equity. I am currently working to see if a HELOC is even a possibility with this property yet. I am thinking not likely, but I had to at least ask.
My husband does have a 401k, which we gave a quick look at pulling money from for a down payment, however the tax penalties would only provide us with a loss.
Taking a personal loan out could be an option. What other suggestions might you all have?
Thank you very much for your input and time.
<3 JD