HELOC Question -- Primary Residence vs Non-Primary
Hi All, I currently own a single family home and am going to be adding an extra bedroom & TV room in the near future to this property to increase equity. After the rehab, I will want to get a HELOC or line of credit on the house and utilize the increased equity to purchase another property. From my understanding it is harder to acquire a HELOC or line of credit on a non-primary residence and my question is if I would be using this HELOC to purchase a house-hack/my new primary residence will that have an impact on my HELOC (On My First Property) or would it still be considered a primary residence even though I would be moving out and renting? Thanks for all the help.