FHA Streamline Refinance & HELOC at same time?

QuestionsFHA Streamline Refinance & HELOC at same time?
Frank Settle asked 5 years ago

So, I am looking at doing a FHA Streamline Refinance on my home I bought in May 2015.  We bought the property with a FHA 203K loan so it looks like I can refinance and save quite a bit of money each month.

 

I also have about 70K in equity that I want to tap to pay down some credit card debt.

 

Is there a problem doing these at the same time?  Or can it be done?

 

Or should I refinance and then do the HELOC?

 

Or should I do the HELOC and then do the FHA Streamline Refinance in that order?  Will FHA have an issue with the HELOC being in place?

 

Any advice on how to do this would be much appreciated.

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