HELOC FOR DOWN PAYMENT

[Nicholas Garcia]

Hello, so currently I am doing a live in owner occupy property, that I plan on renting in the next 5-6 months - which I have taken an FHA loan on. 30/yr term.

Is it possible to do a HELOC on the equity in the property after 10 months and use the money for a down payment on another property?

If so, what are the pro's/con's of doing it that way?

If there is a better alternative would love to hear what options are available! Thanks in advance. - NICK