Refinance or HELOC??

[William Harrison]

I’m lookong to use the equity in my home to start acquiring Rental properties. I currently have about $100K in equity In my home according to county assessment and other homes in my are have been selling for tens of thousands more than that assement. So I think it would appraise higher. I currently have an FHA loan and was wondering if it was more beneficial to refinance to a conventional loan and be able to use FHA again on an investment property or just use a HELOC and avoid some of the fees that come with refinancing such as closing cost.

[Kerry Baird]

If you refinance this mortgage as an owner occupant, you will sign paperwork saying that you intend to occupy for a year.  This gives you time to plan your next move, improve your credit, build up a down payment, and 

Next, the FHA mortgage can be used on property when you agree to owner occupy; if you want to use as investment, then find a plex unit and occupy one unit. 1 to 4 units are still considered residential, while 5 units and up require commercial lending.

All the best~