When can I get a home equity loan?

Question

Just bought the house two months ago and it appraised last month for about $20K over purchase price. Can I get a home equity loan at this point?

Answer 1

I just checked a lenders HELOC rate sheet and they go to 94.99% CLTV (combined loan to value), but you need a credit score of +720 and the rate won't be pretty, you could do a cash-out refinance but the rate won't be pretty and again you'd most likely be limited to 95%

Answer 2

If your property is located in Texas you will have to wait until you have had the property for at least six months and you will be limited to 80% of the appraised value. Outside of TX, you can refi on the first lien and receive the equity in the form of cash-out, typically up to 95% of the appraised value. Your best bet is to contact your current mortgage company and they can let you know what you are able to do within your state. Good luck.

Answer 3

i don't think you can do a home equity loan, but you can do a cash out refinance.. basically the lending company takes your current mortgage and refinances it while giving you the extra money as cash in your pocket and putting it all into one monthly payment.. you can also try getting a HELOC (home equity line of credit) from a local bank or try googling it.. however, i don't know if they will be willing to give you the equity because it would put you at 100% loan to value of your home, and most lenders don't really like to do that!! good luck anyhow..

Answer 4

It depends on how much the house is worth. My credit union would not lend above a certain amount. They wanted us to have at least 10% equity in the house. They thought 20% was better - we got a better interest rate if we kept at least 20% equity.

So if you put down a big down payment, you can probably borrow against the house. But if you had a small amount down, don't count on it.

Answer 5

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Answer 6

If you plan to pay back the money , you can ask for a loan at Prosper. More information at http://www.acreditlibrary.com/prosper.html . You can also try your luck at online charities, people may send donations. More information at http://www.laodn.org/