Posted on: 24th Aug, 2010 10:47 am
Just sold a house and paid cash for new one in Texas. Want to take out a HELOC loan but am being told I have to wait 12 mos. What's the deal with this?
Hi rburkhardt,
If the property is paid in full, then you should be able to get a HELOC immediately after a home purchase. I would suggest you to contact other lenders of your area and check out if they can help you with a HELOC. Getting a loan will depend upon your credit score, debt to income ratio and your financial situation.
Thanks
If the property is paid in full, then you should be able to get a HELOC immediately after a home purchase. I would suggest you to contact other lenders of your area and check out if they can help you with a HELOC. Getting a loan will depend upon your credit score, debt to income ratio and your financial situation.
Thanks