Asked by Lori Chamberlain, Chicago, IL • Wed Jul 25, 2012
I've recently learned that we don't qualify for a mortgage loan as our debt to income ratio is too high (we own a couple of investment properties and have a sizeable mortgage on our primary home). So, we are looking to make a cash purchase on a property. I was wondering if we will face the same difficulty in securing either a HELOC or home equity loan once we finalize the sale on this new property? We can only afford to look at "bargain" properties, so we'd like to not use up our entire savings between the purchase and any subsequent improvements. Thanks in advance for your advice :)
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