First Time Buyer - Financing Question

[Kelly Knutson]

Hello, I have spoken to several lenders regarding financing for my first investment property. I am researching all options but getting a lot of different guidelines depending on which lender I speak to. I do not currently have a large sum saved for a downpayment, I am looking into other options such as a HELOC, cash out refi and partnering with someone else to bring the funds to closing. Currently I am leaning towards the cash out refi on my primary residence to use for a downpayment. I believe going this route means I will have to complete the cash out refi (my current rate is 2.875% and this would jump me to 5.5%) let that money sit in an account for 2 months so I can then get preapproved for a mortgage on the investment property? I do have someone who would like to gift me the funds for a downpayment - but I beileve Fannie Mae does not allow for that if it is not going to be an owner occupied residence. Am I missing any other great options? Or should I move forward with the cash out refi and wait two months to start looking for a property?