Financing with home equity loan!
Hey you guys!
So I am in need of some advice on purchasing my first investment property, most likely in the San Antonio/Houston Texas area.
Heres the deal...I have a down payment ready for a property anywhere below 400k and am looking to finance the rest through a home equity loan through my partner/ mom who has 100% equity in a home free and clear (located in California) appraised at 800k. Also, both of our credit scores are hovering 700.
She would like to help me out as much as possible and have the investment property put in my name. So basically what I am wondering is:
1) Could I go to the bank with everything I have said here and seek a conventional loan with her co-signing against her property in the form of a home equity?
2) That brings up the next question. If I am unable to achieve the above, then is it possible to get a home equity loan on her property to purchase another property in my name?
3) Assuming one of those options is actually possible. Would I then need to get a pre-approval letter from my lender to begin making offers?
Thanks you guys! I look forward to hearing your thoughts!