Equity & FHA Loan Qualifications
Hello everyone!
I would like to take an equity line out on my rental house to fund a down payment on another property. I still have a balance on the first loan, but there is a ton of equity in the house. My only income is from this rental house. Would I qualify for an equity line? I'm also interested in an FHA loan on the new property. Is it possible to do both, an equity line against a rental house and a FHA loan for a new rental property?
Thank you for any advise and Happy New Year!