Home Buying in Urbandale>Question Details

Ck, Home Buyer in El Cajon, CA

I own 2 rentals that make small profit. Can I use my home equity line as down payment for a 3rd? Can't get conventional mtg due to unemployment.

Asked by Ck, El Cajon, CA Mon Jul 4, 2011

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Where do you intend to get the remaining purchase price if you are unemployed? Employment is one of the conditions of getting a loan unless you have sufficient, provable passive income each month.
0 votes Thank Flag Link Thu Aug 11, 2011
If you have a home equity line you can use that however you see fit. However, you'll need a bank to cover the rest of the sales price, so you better have some equity in those houses, or find some steady income.
0 votes Thank Flag Link Thu Aug 11, 2011
You are scaring the absolute s--- out of me:
You are describing the exact senario that a lot of people tried 3-4 years ago, that got them into trouble!
Can you step back and see that?

Good luck and may God bless
0 votes Thank Flag Link Mon Jul 4, 2011
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