Financing in San Antonio>Question Details

Jignesh, Home Buyer in San Antonio, TX

How soon we can get home equity loan in Texas after purchase of primary residence?

Asked by Jignesh, San Antonio, TX Wed Apr 3, 2013

I just closed loan on my primary residence house in San Antonio last week (March-28).
Purchase price of home is 128K and I have 102400 loans against this property.
As this was foreclosure I got some instant equity. Current fair market value of property is 155K.
Now my question is,
How soon I can get my house re-appraised to get Home Equity loan?
Do I need to wait for one year to get my house re-appraised during Home Equity loan process?
Feel free to reach me at jig1001@yahoo.com if you have Home equity loan offer for me. My current middle FICO credit score is 721 and current DTI is 14% including mortgage on primary residence.

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Answers

2
Jason C Campbell’s answer
I have yet to find a lender that will do one any sooner than 12 months after purchase. They want to see you on title for at least 12 months. I think it is an anti-fraud measure. They don't want folks buying homes, getting a home equity loan out, and then letting homes foreclose and you run off with the money ;)

Jason
0 votes Thank Flag Link Fri Apr 5, 2013
It has to be 12 months before you can apply for a home equity loan. So, you will need to wait until next year. But, it sounds like you got a great deal! Priscilla
0 votes Thank Flag Link Wed Apr 3, 2013
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