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Equity Loan on condo

i recently purchased a condo and now I would like to get a home equity loan. How long do I need to wait before doing so? by maris.roger772 from Lemont, Illinois. Oct 11th 2017 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

More info needed.. but typically, lenders wont go above 80% Combined loan to value (CLTV).. so if you purchased it for $200K and you put $100k down, then you can apply right away, and you could get about $60K loan.. But if you put 20% down, then you're at 80% LTV and there is no room for an equity line. Also, most lending programs will go by the LOWER of the original purchase price, or current appraised amount if you are within 6 months of purchasing the home.. once you get past 6 months, they will go by the current appraised value.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Oct 11th 2017
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Sara Deere (Saraloveshomeloans)
#1 ranked lender in Kansas - 516 contributions

I agree with the previous response. I am a licensed mortgage originator for IL, KS, and MO.

Oct 12th 2017
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