Can down payment be used as HELOC?

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Hello everyone. Let me give an example to explain what my question is. Buy a property valued at 100k, 20k down payment, 80k loan. For simplicity, say the loan is payed down by 3k in year one. 

Can I immediately take out an equity loan/HELOC against the 20k equity that I have in the property, or could I only loan against the amount that the loan has been reduced by after making payments (ex. 3k loan at end of year one)?

Thanks!