What would you do? FHA, Fannie Mae or HELOC

[Henry F.]

Hello BP fam, Just trying to get some of your input. I am a joint owner with my mother on the property she lives in. She is the primary owner and recently retired. Im currently looking to purchase a property to buy n hold but I am not sure which is the best way to acquire a rental property in my case. I have thought about pulling a HELOC on my moms house for roughly about 40k and using that to purchase a deal via a hard money loan to rehab, rent it out & cash-out refinance. 700+ credit score. A second option would be going Fannie Mae or FHA and adding on a homestyle renovation loan if need be. And not have to pull out a HELOC on my moms house. Just 3% or 3.5% down payment. And rent it out. What are your thoughts? Thank you in advance! Henry Flores May be irrelevant but Im looking in the areas of: - Fort Lauderdale, Fl - Cooper City - Davie

[Darren Budahn]

If you are planning on living in the property I would probably go the FHA route. I would make sure your mom is aware of the risks of a HELOC if you do go that route.