home equality line of credit
1 Reply
Kevin Kim
New to Real Estate from chicago, IL
posted 8 months ago
Hello BP Mentees and Mentors. I have a question, which is Can I get HELOC while I put down my Paydown? Because that is already my equality
Kerry Baird
Rental Property Investor from Melbourne, FL
replied 8 months ago
No, not typically. Banks want you to have some of your own money in the deal. You can force value with some improvements and then apply for a HELOC. FHA loans are low down, and you can get started there. The more your down payment, the lower your monthly payment which is a benefit to both you and the lender, as they want you (and themselves) to succeed.
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