Foreclosures and Home Equity Loans

[bigdyce45]

If I buy a house out of foreclosure, how long do I have to own the house before I can apply for a Home Equity Loan ar a Refinance?

[TampaREOman]

that will depend on your lender's requirements. If you own it or even have a mortgage, you should be able to get a HELOC right away.

[SGREEN44]

Usually It's About 6 Months For Most But Many Are 1 Year Now!!!!

[avonreal]

that will depend on your lender's requirements. If you own it or even have a mortgage, you should be able to get a HELOC right away.

shouldn't it depend on the valuation of the property? assuming he owns the property outright.

[BuyHawkeye]

There are still lenders who will allow a rate/term refi w/no seasoning. That number is diminishing, but they still exist.

Getting a HELOC shouldn't be a problem at all. Try shopping at Bank of America, Wachovia, or other big name bank and see if they can offer you anything.

If you are going to be getting into the investment game, long term, strike up a relationship with a local bank. In the long run, that will probably benefit you the most.