will HELOC affect loan application?

[Helen Lowery]

Hello BP. Recently, a great opportunity has presented itself and I am looking for ways to fund this deal since our cash reserves are currently low. I'm thinking about taking out a HELOC to fund the down payment and renovations, applying for a loan, and then re-financing after the renovations. However, I'm wondering if the application for the HELOC will affect my ability to get a loan?

We have stellar credit scores, but we already own one rental and are still paying on student loan debt... I'm worried opening a HELOC will make it impossible to get a loan.

Helen