Can I use a home equity loan to finance a down payment on a second house?

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Question by Ryan: Do I have to verify income for a HARP refi with same servicer?
I have a mortgage with Wells Fargo. I am applying for a HARP refinance on the home also through Wells Fargo. I spent several days getting tax statements and other information on order before I applied. I was shocked when the Wells Fargo guy said since they service my current loan already they don’t need to verify my income. Now I worry this guy doesn’t know what he is talking about, order but he said he has already done a ton of HARP loans under the new 2.0 guidelines. Obviously I am going to hold on to my income verification documents, remedy but has anyone else experienced a HARP refinance with the SAME company as their current lender where they didn’t verify income?

Best answer:

Answer by Rob
would not worry about it as u have the papers
when they need them.

WF is a challenge to work with depending on
who is on the other side.

What do you think? Answer below!

Question by Andrew: Can I use a home equity loan to finance a down payment on a second house?
Will creditors view my liabilities as too great if I take out a home equity loan on a currently-mortgaged to finance a down payment on a second house? Is it legally feasible, viagra 100mg to begin with? or practical?

Best answer:

Answer by Cold
If your income can suport all the loans, then yes, you can do that.
And as long as you leave 20% equity in your existing home.

Sounds like you are moving and would like to move from home to home.
Consider renting first in your new area.
Then just wait for your home to sell.
This will give you time to see the new area, and pick a place to live…

Know better? Leave your own answer in the comments!