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Can I Take equity out on a home if I just bought it with an FHA Loan?
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In general, you would need to wait 12 months before you can do a cash out refinance to take advantage of a new appraised value assuming your home has appreciated in value since the time of purchase. Now if you need to pull out cash prior to completing 12 months, your LTV would be calculated based on the lower of purchase price or appraised value so if your home has increased in value, you wouldn't be able to pull out cash via refinance. Assuming your home has equity and you haven't been in the home for more than 12 months, then a home equity loan could be an option. Contact a credit union or a local bank in your area to find out what your options are. Good luck!
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