Hello all-  Would like a feedback response from the BP community I am contemplating between getting Heloc Versus Conventional loan for a Refi with cashout on Vacation home/ 2nd home. 

I would then use that 180K as a down payment on a conventional loan for new construction on a single story house that is being built in a new development near my wife and I (Est completion date is July with a price of about 280K). 

If you're buying your primary residence, you can put down as little as 3.5% for an FHA loan or 5% for conventional.

I have a conventional 30 year mortgage with PMI on a SFH that I’m currently renting out.

As to the refinance, if you intend on using a conventional Fannie Mae loan, they will not close the loan in the LLC. 

That way we will not have 2 conventional loans on on property and we limit all the closing costs.

$0 down conventional loan.

$0 down conventional loan.

My interest rate is 4.875. 20% down, 30 year fixed conventional loan. 

I hold title currently to all my properties under my own name (many have conventionally financed mortgages) and I have a full-time day job at the bank.