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.
You can use equity lines/loans for down payments on other properties. As far as low income, you might want to go with either a “stated income” or “no ratio” depending on your situation. The down payments are generally higher, but then proving your income isn’t an issue.
With your high score, you can qualify for 100% CLTV for that property, and save that $43,000
There are a lot of Alt A lenders that can do this loan, easily.