You can use your line of credit as a down payment and it will need to be disclosed to the lender. They will not have a problem with this. You will need to be able to debt service the additional money on your line of credit.
The only issue you may run into is that you will have to show that you have 1.5% of the purchase price for closing costs. Based on the info you provided that may be tight.
The lender will not let you roll the balance of your line of credit or other debts into the mortgage. The simple reason is the property is securing the loan. With the CHMC fee your total mortgage will be $147202, basically 98% of the value of the property. If they gave you more money for the mortgage it would not be secured by the property value.
Take a very good look at your finances and decide if this is the best course of action for you. If you decide that you want to proceed take a very close look at the outcome after five years of all of your payments and debts. Depending on the interest rates of your other debts and on your line of credit you may be in a better position to take a cash back mortgage and use that money for the down payment.
The only issue you may run into is that you will have to show that you have 1.5% of the purchase price for closing costs. Based on the info you provided that may be tight.
The lender will not let you roll the balance of your line of credit or other debts into the mortgage. The simple reason is the property is securing the loan. With the CHMC fee your total mortgage will be $147202, basically 98% of the value of the property. If they gave you more money for the mortgage it would not be secured by the property value.
Take a very good look at your finances and decide if this is the best course of action for you. If you decide that you want to proceed take a very close look at the outcome after five years of all of your payments and debts. Depending on the interest rates of your other debts and on your line of credit you may be in a better position to take a cash back mortgage and use that money for the down payment.