VA Heloc vs Investment Property Heloc

[Andrew Daughtery]

I am looking into ways to increase my capital to finance a down payment on a rental property. I was hoping to get some guidance on probably some fundamental questions before going through the hassle of talking to loan officers!

I have a VA loan on my primary residence, where I have ~15-20% equity, and I also have a rental property where I have upwards of 30% equity.

Is getting a Heloc on a primary property easier/better than one an investment property? Which would be better to have the "second mortgage"?

Also, this may be getting into the weeds on VA stuff, but if I took out a heloc, would that affect the equity I have in that property? For example, if I wanted to refi into a conventional loan after taking the Heloc, would my equity be compromised I have to pay PMI?

-Andrew