How soon after purchasing a home with FHA loan can you take out a home equity loan? There was equityWhen we had the apprasail done there was over 12 grand in equity in the home. But we have only had it for 4 months. IS there a certain amount of time you must wait to get home equity loan? Should we try with the same bank who our mortgage is thru?July 20 2012 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.