Woodinville, WA · Member since 2017 · 5 posts · 3 votes
My husband and I would like to purchase a new primary residence and rent out the home we currently own in Woodinville (Seattle area suburb) as an entree into real estate investment. Is there a way to leverage equity from our current home to secure a jumbo loan? I believe funds from a HELOC must only be spent on the home you leverage the loan from. Yes? We could do a minimal down payment for the new home, but we prefer to put more money down since the market is so competitive and it is easy to get outbid on a property here if your down payment is small. Any suggestions? Thank you!
@Carin Moore There is no requirement, at least not with the 5-6 HELOC’s I’ve gotten locally, that the money be spent on the residence they were taken out on. I have a HELOC on both my primary and one of my rentals. As for where I get my HELOC’s, I love my Credit Union.