Positive Home Value Growth ForecastWhile the pace of home value appreciation is expected to moderate, Zillow forecasts a 2.8% increase in Buffalo’s home values for 2025, indicating continued market strength.In summary, Buffalo’s combination of strong job growth, relative affordability, limited housing inventory, strategic location, and positive home value forecasts solidify its status as the nation’s hottest housing market for 2025.

For a conventional loan, you can borrow UP to what you paid for the property plus closing costs OR 75% of the appraised value which ever is less.  

It makes less and less sense in a market with low inventory and high interest rates.

I'm curious why you want a HELOC instead of a conventional loan in the first position.

@Philip AndersonMultifamily properties in Ventura can perform well due to the area's high rent demand, but inventory can be tight.

@Kyle Trotman If you purchased with a hard money loan conventional lenders will require extensive seasoning to utilize the new appraised value for cash out. 

You can use FHA with 3.5% down or Conventional with 5% down for a property liek this. 

Is the inventory piling up or selling in the neighborhood.

For Conventional, you can only use 75% of the gross rent until you have Sched E history for the rental for a net rental income analysis. 

I see little benefit in the FHA as an option as long as the 5% conventional loans are available now.