Using Credit Cards to Finance Property Purchases - Posted by las

import · February 22, 2003, 1:51pm

Posted by Charles Clark on February 22, 2003 at 19:49:50:

The only minor problem is that some lenders want the down payment to be “seasoned” and they want to figure in your cash advance into your DTI (Debt to income ratio). Just work with a broker that has a lot of lenders, so he can find one that does not require seasoned downpayment, or you can get a cash advance, put it in the bank for 30-60 days. Then when you have the property, use a HomeEquityLineOfCredit to either pay off the credit cards, or finance the next property.
Best of luck in your ventures.

import · February 22, 2003, 1:51pm

Posted by las on February 22, 2003 at 14:51:46:

I’ve often heard (usually on some late night commercial) about using credit cards to finance a down payment or to completly purchase real estate. I have a few cards with low rates and decent credit lines…what are the risks in this approach?