Bought property cash...mortgage or HELOC?

[Sagnik Lahiri]

Hi everyone. I recently purchased a property for $90K got a HELOC and spent it on rehabbing it. Now, my HELOC is tapped out, my FICO is doing down but the property is bringing in $2400/month and has been appraised at $155K. It's a multifamily property (duplex).

Should I refinance for another HELOC for about 100K or get a 30 year fixed?

Since my HELOC has been tapped, my FICO has dropped from 710 to 630. Because of this fluctuation, I haven't been able to get another property, since I can't qualify.

Any advice would be greatly appreciated. Thanks in advance for your time.

[Bryan Hancock]

Texas has crazy cash out refinance laws too. You should speak with a broker before you develop any grand plans.

I refinanced a property with a portfolio lender in Austin recently and they were 3 orders of magnitude easier to deal with than Fannie/Freddie lenders right now. The mortgage industry is still trying to digest all of the softball tax credit OO loans right now.