Posted on: 20th Dec, 2009 11:20 am
I'm planning to buy a home cash (50-% paid using my savings and 50% using an equity line of credit). I'm wondering how long after close of escrow I can apply for a loan for the amount of the equity line of credit. I have excellent credit and can even get a loan now, but paying cash now I can ensure to get the property.
Thanks,
-Moe
Thanks,
-Moe
Why not just take out a loan at a low Loan To Value and not worry about seasoning requirements. If your income and credit is enough to qualify, just walk into a local bank and they should be able to write your loan fairly quickly. Just a suggestion. I hope this helps...
If you can get one loan now with putting the minimum amount down, I would advise keeping as much money in your pocket as possible during these times. Properties are still depreciating and there is a great possibility you will lose the money you put down.
