HELOC using appraised value under 12 months of ownership

[Dustin Brown]

Hello Everyone,

I bought a property recently and my appraisal came back higher than my purchase price.

I have spoken to a couple lenders and they are all sayiNg that they can only use the purchase price, not the appraised value, to determine how much equity I have. 

Is this a rule across the board?  Or are there lenders who can use the appraised value. Thanks!!