Updated over 8 years ago on . Most recent reply
Heloc before loan app?
Me and my fiancé own 3 houses, I rent both of mine out, we currently live in hers, February we will be moving into one of mine and renting hers out, she wants to buy a rental and use the equity in her house as the down payment by getting a heloc, she has about $70k equity, we will only be drawing the minimum out to secure a 30 year fixed mortgage.
My question is about deal flow, does she apply for the heloc first? Or the mortgage first? Won't the heloc count against her dti? Last time I applied for a mortgage they ore approved me on the condition I would have the funds for a down payment