It is worth getting HELOC to purchase a rental property?

Hey…me and my wife are looking to purchase our first investment property. We have a potential tenant…
Thing is my credit score is 638….mortgage lender is wanting 25%down and 15 year loan to keep rates down.
Only way we can do that is to do a home equity line of credit….would it be worth it?


2 thoughts on “It is worth getting HELOC to purchase a rental property?”

  1. Lenders are not lending to first time investors in this environment. I talked to 3 different lenders to get an idea of the new lending environment. They are all looking for more cash reserves, and they want to see deals that are clearly, nothing risky.

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