Home Equity Loans in California but based in Washington D.C.

[Raphael Turner]

I was wondering if someone might be able to provide a bit help and information regarding home equity loans and somewhat investment strategy. 

I'm a Arlington, VA resident but would like to get a fixed rate home equity loan on a home that I own in Richmond, CA which is near Berkeley/San Francisco. I'm wondering whether it might be better to go with a large national bank or a regional bank in this instance and whether someone has had experience on this front. Moreover, when people are getting involved with lines of credit are they going the interest only route or are they actually getting the loans that pay down the principal loan amount? I'm sure that this will depend on investment strategy but I was hoping to get some insight into what might make one choose one type of finance over the other.

Lastly, I'm interested in getting a FHA loan. But I'm not sure how the heloc would affect my ability to qualify for the maximum FHA loan here in NoVa/DC. What's a bit more is that I will be renting out the home that I am getting the heloc on so it should add substantially to my revenue and buying power, but I have a feeling they will look at the debt and say that I have less buying power due to the existing heloc. I was also interested in knowing should I go after one or the other first.

Thanks for reading this. I know there are a lot of questions but I'm really trying to figure out my overall investment strategy and am on a shorter time frame.  I'm also open to reading if someone would like to point me in that direction.  

[Russell Brazil]

@Upen Patel is a mortgage broker here in the DC area. He would be able to give you a good idea of how the HELOC will affect your borrowing power.