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smritt,You can refinance to a traditional mortgage the day after you take possession of the home. You do not need to wait 6 months. The value the lender uses will be based on your original purchase price and not on what you feel the true value of the home is. Many buyers feel that they are walking into equity or "getting a steal" and are acquiring instant equity. Lenders do not look at it the same. They will base their decision solely on the price that was paid for the home. If you have any more questions please feel free to contact me.
I also have my own radio show down here in Las Vegas that is about mortgages and real estate, so I know what I am talking about.
I am assuming the LOC was taken out on the property you purchase and not as a lien against your primary residence.
Lenders typically require 6 months ownership seasoning before doing a cashout refi.
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