home equity as downpayment

i’m having trouble finding a place to give me a heloc because the home is an investment property. anyone else have these problems?

It only depends on the LTV that you are trying to get

NOO properties are considered a high risk and if you would default the HELOC or second could lose all of their money thus they are careful about these types of deals

Your credit score als plays a factor

and what style of loan like stated income or a NINA or some thing like that would increase the risk of the loan

Do you have a primary residence or is it maxed out also?

On primary Res or OO home the lenders take greater risks

Hi. Would it be easier for me to find an alternate source for a downpayment, even like a credit card? The house i"m trying to get is inexpensive, like 45k. Is that just easier?

That would probably be easier. However, most lenders will not let you borrow on a credit card for a down payment. The down payment must be seasoned which means the money has been in your bank account or some other accessible asset account for at least 2 months. You can also get a gift from a family member, but unless it is 20% of the purchase price, most lenders will still require that 5% of the money comes from you and is seasoned.

You can even do a seller paid grant program if that would work

You could also sell something for the down

You are dealing with a loan amount that is below that min of most lenders at 50k so you will need to watch for that because it could be difficult to get a loan for under 50k plus your down