Can one use a HELOC for downpayment on FHA loan?

[Hernando Quintero]

Has anyone done this? I'm trying to use my creativity to break into the California market and house hack. I have some equity on a STR in Florida and would use it (if allowed) to pay for a downpayment on a FHA loan. I'm interested to talk to someone who has done it, or tried something similar.

Thanks in advance,

[Suzanne Player]

You need to talk with some experienced mortgage brokers or bankers who do loans in California, they can give you advice specific to your situation.  Even if you can’t do it the way you are thinking, they might have other alternative ways of buying that are at least as good, and perhaps even better.  You’ll want some lenders on your investing team, now is a great time to start relationships.

Interesting question, very creative, please post what you find out.