HELOC Example help

[Paul C.]

New to investing and do not have tons of cash. My wife and I plan on buying a fixer upper with medium repairs needed for ourselves to live in for atleast 5 years. I want to give examples of numbers and can someone tell me how that would affect my monthly payments?

We buy property A for $100,000 with 20% down and have a $500 monthly conventional mortgage. We rehab with cash and the value of house increases to 250,000. This would mean we have $150,000 in equity of property A, right?. Would that mean that we could then use a HELOC to put a down payment using a conventional loan on property B for $150,000? Depending on our HELOC rate, would that basically increase the mortgage on our first home or would all payments stay the same?

How would this change if we used a FHA owner occupied loan? Can you get equity from property A before the owner occupied period is up?