You cannot purchase a home with an equity line; however, you can purchase a home and use a home equity loan as a second mortgage to avoid mortgage insurance.
You can also use a home equity line of credit to help with cash flow. For example, you want to purchase a home with a down payment of 20% but you only saved 15% down. In this case, you can get a line of credit for the 5% and pay it off as soon as you have saved the additional 5%.
You can also use a home equity line of credit to keep you out of a jumbo mortgage. This is a very useful strategy when purchasing a home between the price of $430,00 to $500,000.
You can also use a home equity line of credit to help with cash flow. For example, you want to purchase a home with a down payment of 20% but you only saved 15% down. In this case, you can get a line of credit for the 5% and pay it off as soon as you have saved the additional 5%.
You can also use a home equity line of credit to keep you out of a jumbo mortgage. This is a very useful strategy when purchasing a home between the price of $430,00 to $500,000.