“Can you use a home equity line of credit as a down payment to purchase a new home or a new investment property?” That’s a question we get all the time, and the simple answer is yes. That is absolutely an allowable source of funds.
If you’re one of the millions of Americans who wants to buy a home this year, the constant increases in property values might have you feeling edgy. When you keep getting outbid on homes, you wonder if it’s wise to offer more for the next home you fall in love with.
Never have there been so many options for physicians seeking a mortgage. Banks have come out of the woodworks to offer doctor or physician mortgages as they are so often called. In a nutshell, these loans make it easier for doctors to qualify for mortgage financing.
Our team often deals with medical professionals relocating across the country or just simply one state to another to start new employment whether that be completing med school and starting residency, residency to fellowship or practice or from one attending job to another.
I just had a phone call with a client who asked the question: “Josh, we have about 10% to put down and we’re trying to figure out should we wait another year so that we have saved up 20% for a down payment,