Equity As Downpayment On Home Purchase

I've heard from various sources that one can use equity in an existing property as a downpayment for another property. Is this true? If so how is this accomplished without extending a home equity line of credit?

Comments(1)

  • makingaliving26th January, 2004

    The only way I know to do it is to "borrow" the equity, either by refinancing or taking out a HELOC.

    Anyone else??

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