If you are looking to use a home equity line of credit to make a down payment on a home, then you are in luck. Most mortgage lenders may not have a problem with someone using a HELOC to fund a down payment on a second home. When it comes to personal lines of credit, then it is a different story. Each lender is different, however, it is typically frowned upon to use personal loans or personal lines of credit to make a down payment on a new home.