How soon can you get a HELOC ?

[Michael Dunn]

I just got off the phone earlier today , with talking to 4 different Lenders.

For some reason, I still fell as though I did Not get a clear cut answer question, as to how soon I could get a HELOC on my Primary residence.

My Situation is ....... I have around $40,000 in equity on the property, but I have only owned the property for roughly 4 months.  

So doing a Cash-Out refi. isn't possible ( What I was told ) as you have to wait 1 year on a Primary before you can do a Cash-Out refi.

So then can I go ahead and do a HELOC ? And if so, what LTV can I expect to get, as I have only owned my Primary for roughly 4 months ?

Thanks so much 

[Brian Adams]

I know very little about HELOCs and cash out refinances. But I do know Loan to Value isn't "Loan to Equity". If your home is worth $275,000, a 90% LTV would be $247,500. If you owe $250,000, then you won't be getting any HELOCs/refinances.

If you owed $200,000, then perhaps up to $47,500, for example, you could.