Can a large down payment make up for low income?
Edit: Our current house is worth roughly 700K. The idea is to use the HELOC to buy a new house and get settled in, and then sell the old one afterwards and use the proceeds to pay down the mortgage. The 700K mortgage would go down to 300K after that. Perhaps there's another approach I should be taking instead of the HELOC to cover the additional cost in the lag time between buying a new house and selling the old one (probably about a month in between the two houses). Also, no current debt in any form.