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How soon after home sale can i get a home equity loan?

Can I apply for an equity loan as soon as I have this first home (for which I am in contract)?? Do I have to wait a few months? I bought it for $50K below market value. 

by walker_suzi423678... from Brighton, Colorado. May 20th 2014 Reply


Jacob Haddan (JacobColeHaddan)
#69 ranked lender in Colorado - 36 contributions

Money down?

May 20th 2014
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Jacob Haddan (JacobColeHaddan)
#69 ranked lender in Colorado - 36 contributions

You can finance up to 95% of value. usually. Contact me with further Questions. Jacob 720.210.7898Offices in the Denver Tech Center and Lakewood.

May 20th 2014
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Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 527 contributions

Seasoning can be anywhere from 6 to 12 months in most cases. Every bank or credit union will be a little different however. I'd start by checking with where you bank.

May 20th 2014
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Jarrod McOmie (Jarrod)
#13 ranked lender in Utah - 120 contributions

In order to calculate your Loan To Value Ratio (equity), Generally speaking we will use the Cost Basis (Purchase Price), or Appraised value whichever is lower for the first 6 - 12 months. At times this can make it difficult to do a equity loan within the first year. Definitely watch this forum, perhaps there is a lender out there that has a more accommodating program. Best of luck!

May 20th 2014
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