HELOC At Closing???
Sorry if this is a bit off topic....I'm not investing yet as I work full time and finishing up college. But I'm looking to purchase my first home.
I've been speaking with a few mortgage companies and when talking about PMI with one, the gal suggested something I hadn't heard of before and wanted to run it by you guys.
She said to take out a first for 80% of the sales price. Put 10% down out of pocket. Then simulateously with the closing pull out the remaining 10% on a HELOC for a total of 20% down.
Any thoughts on this? 
wannabe21,
Yes, loan programs such as the one you are referring to are out there and common. What you have there is an 80/10/10 program. 80% financed as the 1st, 10% as a HELOC, and 10% for you to put down. I have an 80/20 loan for 1 of my homes with the 20% loan being a HELOC so in essence a zero down purchase (not including closing costs, etc.). HTHs.