Will HELOC hurt my chances for conventional mortgage?

[Steven Laux]

Hi,

I have a vacation rental property undergoing a post-hurricane rehab. I'm currently self-funding as much as possible while my insurance claim languishes in underwriting hell. I am interested in getting a HELOC against my primary residence to help with the current rehab, and to help with rehabs on future properties. My question is this:

Will having a HELOC hurt my chances of getting a conventional loan on a future flip? My plan is to have a $0 balance on the HELOC before applying for a conventional loan.

Any advice would be greatly appreciated.

Thanks,

Steve