How soon after closing a flex 100 mortgage can we take out a small home equity loan? (we are buying a

Asked by Nadia, Grand Blanc, MI Tue Apr 1, 2008

forclosure and will have about 70k equity)

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NonRealtor, , 23456
Fri Apr 11, 2008
We're you able to get the equity out?
I was looking at a similar house
it said, instant equity and i was wondering the same thing
how fast can i get it?
0 votes
smith3gary, Agent, White Lake, MI
Tue Apr 1, 2008
Nadia, Contrary to "Hi's" response. There very likely is instant equity in the home. It's just that lenders are really watching their loans and PMI insurance carriers have almost doubled their payments to cover current losses.

This will eventually ease and you will be able to get money out of your home. We just cannot guarantee equity at this time.
Web Reference:  http://www.mi-living.com
0 votes
smith3gary, Agent, White Lake, MI
Tue Apr 1, 2008
Nadia, Again I have to agree with Nicole. There are programs that allow up to $35,000 for repairs/remodeling if the home appraises for that much after the repair.

Contact your lender.
0 votes
Nicole Sleeva, , Novi, MI
Tue Apr 1, 2008
Nadia - Check with your lender. It will depend on your loan program/requirements. Mortgage underwriting guidelines are getting a lot tighter which could have you waiting longer to tap into your instant equity.

Nicole Sleeva
nsleeva@cbpreferred.com
Web Reference:  http://www.NicoleSleeva.com
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