Has Anyone Ever Started Off Like This?
i have about 35000 of equity in my current home. i was thinking i could attempt to get a heloc and use it 4 the 20% down payment to avoid paying pmi. get 80% financing thru a conventional (anticipating to rent or lease) use my heloc for any neccary repairs. only thing is my credit score is 640. is this too low to get a heloc?
You should still be able to qualify for a heloc with that credit score... Find a good Mortgage broker and pick their brain about the best way to get a good heloc.
Yes - that is a good way to start!
Good Luck!
[addsig]