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How soon after purchasing a home with FHA loan can you take out a home equity loan? There was equity

When 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 - US
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Answers (1)

The max you're going to be able to borrow against the home is about 80% of your appraised value. If your home appraised at 200,000 that's 160,000. Subtract your current mortgage and you'll have some idea how much equity you might be able to pull out.

You would think that going to a bank that you already have a relationship with would be beneficial... but it often doesn't make any difference. Like my momma told me... you better shop around.
  • July 20 2012
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