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Can I Take equity out of a home if I just bought it with an FHA Loan?

Can I Take equity out on a home if I just bought it with an FHA Loan?

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December 23 2012 - Las Vegas
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Answers (7)

it may be possible...all the best
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March 03 2013
If you know for a fact that you contributed to the property value (with repairs, fresh paint, curb appeal, etc) and it will be appraised for a higher amount, you can certainly talk to several mortgage broker, they have access to many banks, private lenders and different programs.  Asking questions to experienced professional it would help you to come out with a bright solution.

Best of Luck,

Maria Cipollone
Century 21 Tenace
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December 29 2012
You'll have to qualify for it, likely need to wait a minimum 12 months, and the home will need to appraise to show equity. Contacting a local lender / bank is recommended. 
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December 27 2012

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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December 23 2012
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If you purchased the house with 3.5% down, have you done anything so that the home value is substantially higher?    You can't borrow equiity when there is no equity.

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December 23 2012
You can sure do one thing and that is to try. I doubt you have enough instant equity, but you can try. Go speak with your lender or a different one to see, but don't get your heart set on it.

tim
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December 23 2012
The person that would best be able to answer this question is the lender that helped you just with the purchase of your home.  Give them a call and go over your thoughts and concerns with them and they will be able to best point you in the right direction.


Best of Luck,

Josh Barnett, Realtor
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December 23 2012
 
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