Can you use the money from your home equity loan to buy another house?

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18 Responses to “Can you use the money from your home equity loan to buy another house?”

1. Seasoned S on: 20 June 2009 at 4:12 am

   Heck yes! There are no restrictions on how you can use your HELOC. Here's the deal, when purchasing another property, the new lender MAY want to "source" the funds for the down payment.

   Via your credit report, they'll see that you drew the funds from the HELOC. This MAY be a problem to the new lender. It depends on the LTV (loan to value ratio) of the new buy (under 60-70% they won't care), or brilliant credit. Also, if you can show your account has plenty cash anyways, it will be moot.

   The lender USUALLY likes the down payment to be from your hard-earned bank account, and NOT from an "equity line gamble." You may want to let the money sit in a bank account for 3 months to "season", then go at it.
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12. Corona Homes Realtor on: 20 June 2009 at 10:00 pm

    If they’ll allow you to have the $$$, you can buy another home with it as long as the lending requirements of the new lender allow the buy. Some lenders will not allow another buy unless there is sufficient equity in the primary home. They have these restrictions so you don’t buy a second home, and then turn around and walk away from the first home.

    Cheers,
    Cameron Novak
    Corona Home Agent
    http://www.myagentgateway.com
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