HELOC and how long until the banks will allow the loan?

[Jesse Simpson]

My wife and I are in the process of buying our first home. We used all of our savings for this purchase along with a funeral we just paid out of pocket. We are looking to purchase rental properties, however with our savings now depleted, we are looking at HELOC. How long after purchasing a home, will banks normally approve a loan? I'm very new to BP, and I'm looking at every avenue to get started. I've reached out to 30+ hard money lenders with no or little response. Getting $5,000-$10,000 for a private lender will take forever to save up as we have 5 children who eat that much money in food a month, (so it seems). I appreciate all comments and suggestions as they are valued probably more than anyone would know!

Thank you! 

[Bruno Nunes]

@Lindy Pond I kindly disagree. There’s are a few lenders that will give you a line of credit on investment properties that I know of off the top of my head. None of the big banks will do it from what I know but to answer the posters question you need to seek out local small banks to help you with the Heloc wether is an investment property or primary home. There’s usually no seasoning requirement just credit and income are usually the driving factors to get approved.