Buying a primary residence with equity

[Wendy S.]

Good Day everyone.

I would like to understand if my thinking to pull money back out after purchase is on point, flawed or get solution on how to do it.

PV $950,000

PP $805,000

DP $48,300 (6% $805,00) primary res

Loan $756,700

(Providing this is within the limits)

After purchase get a Heloc based on owner occupied 90% Ltv. So

90%*$950K-$756K=$99,000 Loan

Total Loan $855K ($756,700 + $99,000)

Is this doable, can be done immediately or require seasoning?

2nd option

PV $950,000

PP $805,000

DP $161,000 (20% avoids PMI)

Loan $644,000

Heloc

90%*$950K-$644,K = $211,000

Cash gained $50,000 ($211K-$161K)

Not sure about qualifying on the larger HELOC with higher repayment costs.