"As a developer in training, you want a job that exposes you to the maximum amount of the development cycle with the maximum possible learning velocity (time and speed).

That has a few advantages:Gives you the lowest possible mortgage.Increases the amount available for a HELOC (you can still do a total 90% LTV)Be decreasing/eliminating the cash out, you're less tempted to fritter away the extra money.A bit off topic, but since you're doing a HELOC, look into "velocity banking."

My wife and I do velocity banking. 

We want to be moving with velocity and be making assessments of sites rapidly.

Look into velocity banking as it may help you with your question in this forum.

Once refi complete pay back the lendor with heloc and use velocity banking to free up the heloc.

A great way to start investing and increase the velocity of your money (like @David Greene likes to say)

I think as a general rule, pulling money out to reinvest is usually better to create velocity.  

That’s what I’m leaning towards, I like the idea of increasing the velocity of my money.Only thing holding me back is the thought of the appraisal coming in under 150k.

As you know, inflation is a combination of money supply and velocity.