Heloc Question
I have found a home worth 220k and the seller owes 100k.
they will sell for 110k [a foreclosure]
i want to aquire the property and use the equity to purchase other homes and rehab them. My mortgage broker has informed me of the fact that i qualify for 140k in financing.
What is the best route to acquire the home, and use the equity available [50%] for future purchases spending the least amount of cash possible?
I figure the inexpensive way to do it is to get a loan for 100% financing, buy the home, and in an ideal situation get a heloc simultaneously. My credit is far from stellar with a middlescore of 620.
since
any ideas given would be greatly appreciated.
Thanks in advance
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