Financing a 2nd property...how to?

[Yadira Gutierrez]

New to BP...and having a blast!

People, I need your priceless advice/guidance on a couple of topics. Very basic stuff that YOU know and I dont :)

1. I bought my house with an FHA originally at 6%. Current market value around 200k to 210k. Owe 135K. I recently did a streamlined refi to lower the interest/payment (no cash-out). I think I am at 4.75% now. Question: is the loan still considered FHA after the refi?

2. I did the math for a HELOC and I got a max of 25k; is that an accurate number? If so, would it be the same number for a cash-out refi?

3. I need to move to another county due to a job related relocation. However, I would like to keep the property. I read that HUD have exceptions to acquire a 2nd FHA in those cases. Yes, I can prove that I must relocate. Does anybody know if Fannie Mae Home Path have the same exceptions? Please note that relocation is within the same State but to another county.

4.  How the financing qualifications for that 2nd property works? Would the rent of the 1st property count  towards income for qualification purposes? Equity? Or, would I have to earn enough money (salary) to qualify for both? I am confused as I read that people get cash-out refis or HELOCs to buy more and more properties on average salaries.

Thanks in advanced for your 2 cents. You are the best!

Yadira