All Forum Posts by: Stavro Thinjos

@Stavro Thinjos yes you can but I will let you know there are much better options out there that do not require self sufficient test, PMI, or FHA appraisal. me and my clients use a low money down convectional mortgage, we put as little as 5% for 2-4 unit properties using a private bank. Its sort of like the unicorn of loans, absolute game changer.

@Stavro Thinjos Here is some good info on STR rules & regulation from the city's website.

https://www.nyc.gov/site/speci...

Shouldn't matter to them you are using a HELOC, people use them all the time these days for down payments on other properties as long as you still qualify. Is your plan to flip the foreclosure house? You likely don't want to hold that HELOC for long like a mortgage as the carrying cost will be significantly higher if your plan is to keep it.

Most lenders should be fine with using heloc for down payment. It makes your DTI higher though. Any house, doesn't matter if it's a foreclosure.

using heloc is a very common strategy, but make sure you don't overleverage yourself. Have a plan to pay it off.