hello
i’m looking to buy a 3 or 4 family property in nj
i own a co-op, and in the past 10 months the value almost doubled, so i decided to take out a home equity loan for 43000, if i use that money for down payment, is it a smart move, also my score is over 700. but with not so great income.
try to use as little as possible and still cash flow. the more OPM (other people’s money) you use, the better.
you might find that using that $ for 10%-20% down or so will really help your rate, and therefore, your cashflow. but with a 700 you could probably get 100% financing.
talk with some the guys in the financing forums for more help, there are a ton of loan officers and mortgage brokers who can hook you up.
good luck!