HELOC options on a rental property with FHA

[Niboom T.]

Hello all,

I have a 2 unit multi family in Chicago that I purchased around in 2019 with an FHA 3.5% down at $420k as a primary residence during the time I lived in Chicago. I've put a bit of money into the building and it has appreciated quite well. Currently my interest rate is at 3.35%.

Several years ago, I relocated to Florida for work and have been renting out the units. I would like to look at some HELOC options if possible but I was told I would need to refinance the loan to a conventional investment loan and take on a much higher rate, which I have no plans of doing. Are there any options to take a HELOC while maintaining the same loan? Thanks.