If a take out a Home Equity Loan

[Christian Hutchinson]

I had a disaster flip this year.

Left me with lots of CC debt.

My primary home is FHA with mortgage insurance.

My current LTV is 65%, with about $85K in equity.

I was offered a Home equity loan at 4.6% for 10 years. I was looking at it as I pay off my credit card debt, keeping my LTV 75-78% then in 6 months refi my mortgage and getting the best rate and while dropping my mortgage insurance which is about $200/mo.

Is this possible or do HE Loans need more aging in order to pay off? Or would a lender hesitate writing a mortgage on something like this?