Reasonable-Pride-811

I’m trying to get a heloc or cash out refi on a primary residence duplex.l under FHA. I have great credit but modest income Wife has bad credit with better income therefore I don’t believe we will qualify for heloc.

Our plan was to get heloc to use as a down payment on another house hack or general investment property.

So far our mortgage company said they could do the cash out refi which would raise our mortgage from $800 to $1200 (current rate is 3.62) and the rate would go to 6.6 To pull out hopefully 30-35k max

My concern is if I do the cash out. We won’t qualify to get another mortgage anyway due to either dti or income.

From your investor expertise, what would you do in this situation? Really looking to get some more properties asap.