Applying for HELOC and mortgage

[Daniel Mina]

Is there supposed to be a waiting period between when someone closes a HELOC and applies for an investment mortgage? I'm about to close on a HELOC to be able to make cash offers, but if the house can be underwritten conventionally, I'd rather go with traditional mortgage. Also, if I haven't pulled anything out of the HELOC, does it still get counted somehow in my debt to income ratio? Thanks.

[Cindy Tansin]

I concur with Lorenzo. Also noteworthy is the loan can be refinanced as a Rate/Term (vs. Cash Out) if there is no balance on the HELOC.