Thank you. Just wanted to follow up and let you know all the financing was approved. Ironically we went with a lage bank and I was told we could do several of these properties with our situation. What is funny is they had to have 10%down and I couldn’t use equity, but could use equity cash from a line of credit. Also, I was told I could take out a line of credit right after closing to 100% from the same bank. But yet they want the 10% down. Go figure.
I have a good credit score. Bank will finance a home I am purchasing for rehab/resale. They want 10% down. Can I use a line of credit in my personal home or other rental for the 10%, or do they need it to be non-borrowed money? It’s a small amount of money I need (7k), but I don’t have it in cash. What are my options if they want verification that I didn’t ‘borrow the down payment’? Thank you for your help.