Refinancing vs Heloc Owner Occupied Multi Family

[Nick P.]

Hey all,

I have a multi family (3 units) in Massachusetts that is owner occupied.

Currently owe $250k on an FHA loan and the value of the home is $400k.

I know there are programs to do a cash out refi for 75% LTV. However, my interest rate is currently 3.5% so I am hesitant to do that for 50k or less.

Couple questions:

Anyone have experience with programs that can refinance at greater than 75% LTV on a 3 family?

Should I explore a HELOC instead? What would that look like in term of loan / rate?

Thank you