HELOC question

[Lisa R.]

Hello. I am just starting out, with very little to no money. I am buying my first house, will be living in one bedroom, for around $175,000. Can someone explain to me how a HELOC works? Do I have to have equity built up in the house before I can do that procedure? And if I do, then approximately how much? And with purchasing this house, I am using a down payment assistance program which is allowing me to use little to no down. Because I utilized this program, have I limited myself in anyway from doing a HELOC, or possibly limited myself to other avenues of real estate investing? For example, will the requirements be stricter if I attempt in the future to get a second loan? Or do you think it would be impossible? Any help would be so much appreciated! I am so confused. I want to do this so badly, this is my passion but I just don't know which way to go. I've already signed the paperwork for this house so it's too late to back out of this deal. Thank you!! Lisa