HELOC vs Cash Out vs Traditional Loan

[Dan Wynn]

Hello BP friends,

I am working my first deal and trying to figure out the best financing option. I own a primary residence through Va financing, have 15k saved, 735 credit score, and a steady income. Looking at SFR 60k and under. I originally planned on doing traditional financing but after going to different banks for lending I was informed about HELOCs and Cash out loans. I have only lived in my home for 2 yrs and therefore dont have much equity built.

 Looking for guidance. 

What option would you choose?

Thanks in advance,

Dan