Helix portability for new purchase

[Michael Brignac]

I have a question for the group. I have a friend who owns a few properties that he uses as vacation rentals in the Florida Keys. We were talking about Helocs and how to use them and he told me that a new law was passed recently that prohibits the use of a Heloc to buy a new property. I’ve searched for this “new law” and haven’t seen anything so I thought I would throw it out to you. Can you guys tell me if my friend is correct, FOS or just misinformed?

Thanks