Refinance FHA to Conventional & HELOC

[Chase Taylor]

I purchased a duplex with FHA financing in July 2019 that I still occupy. I bought the property off market at a discount and with appreciation now have 20% equity. I was considering a cash out refinance to tap the equity but landed on 100 LTV HELOC product which I am in the process of completing now. My question is can I refinance the FHA to conventional to drop PMI even with the HELOC? In hindsight, I think I should have refinanced to conventional then pulled the HELOC. Also, if the latter is the case, is this still an option as I haven't completed the HELOC yet? Thanks in advance.

[Steven Foster Wilson]

@Chase Taylor congrats on the duplex! If you restructure your first, you will need to reapply for your HELOC.

I am in the process of refi'ing my 2nd investment here in Columbus OH. I had the choice to either move in and do a 100% HELOC, or to keep it as an investment and cash out at 75%. Personally I like the flexibility of the Cash out.