Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!


Posted in Mortgage
Profile Image

Question By

0 Contributions
0 People Helped
Home Equity Line of Credit as Down Payment in Texas?
I applied for a HELoC with Wells Fargo. They told me Bridge Loans aren't available in Texas, but a HELoC would let me access equity on 80% of my current home's value, which I could then use as a down payment on a new home.

I went through the process, but was rejected. Although I applied for a HELoC, they changed the loan type to a Bridge Loan (60% of value).

If I intend to use the HELoC as a down payment, does that automagically make it a Bridge Loan? Or did WF goof?


Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.


Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.