All Forum Posts by: Luis Nunez

Hey Jonathan, Yes...I'm just trying to secure a conventional loan for $300K. I have excellent credit and steady, verifiable income. My current primary home is at 50% LTV so I can do a smaller HELOC (no more than $20K needed). Thanks!

Thank you both for your replies! I will be contacting another lender ASAP.

Hello, I'm from southern CA and just got transferred to Houston, TX. I'm keeping my primary residence as a rental and buying a home in TX to use as my new primary residence. I need about $17K more to come up with the 20% down payment on the home I want to buy ($50K total down), so I was planning on using a HELOC from my current home to come up with the $17K. I have about $250K (50% LTV) in equity on that home but the lender I'm working with told me I can't borrow any of the money for the downpayment, so I have to go with a FHA loan instead of a conventional. Is that correct? Thank you in advance for all of your help!

Hello, Brand new to the forum...what a great resource! I'm from southern CA and just got transferred to Houston, TX. I don't want to sell our primary residence; we would like to keep it as a rental and buy a home in TX to use as our new primary residence. We bought for $410K (it should appraise for $500K) and owe $250K so we have some equity and very good credit. We're looking to spend about $250K on the new home and have $25K cash. Here is what I'm thinking: Take out a HELOC to come up with the other $25K for the 20% down payment and take out a conventional loan to finance the rest. Is this feasible? We're going to be hiring a management company to handle our rental property in CA. Am I missing anything in your opinion? Thank you in advance for all of your help!