Adding a Second or HELOC to a New Fannie - TIming?

[Daniel Dietz]

Hello All, /weI have been talking to the local Credit Union that I am in the process of redoing my personal home loan through about doing some 'conventional loans' on my next purchases instead of the portfolio ones I/we have been using so far.

On the good news side rates are around  3.625 - 3.75% +3 points for a 30 year lock (they promote ARMS for rentals but am planning on hold these at least 20 yearsso want the long term lock). The product they use is a Fannie Loan. What I did not get a definitive answer on is if there is a 'time frame' after I do a Fannie that I can do a second on or a HELOC on? He said 'we dont ever do those or have people who do that that I am aware of'. Part of my game plan is that I have a Private Money Partner that is willing to do a 'second position' up to 100% LTV, as soon as the First is closed. That way I can 'recycle' my down payment into another one.

I want to make sure that this is a reasonable game plan, because if not, I can do it all day long with the portfolio loans, but cant get the long term rate lock there.

Thanks, Dan Dietz