A couple of basic HELOC questions...

[Mark Beekman]

I just signed a Purchase Agreement for a SFH (rehab). It's a cash deal, but I'm looking to pull the equity out after closing via a HELOC. Would there be any specific timeframe after the purchase that a bank would require in order to grant a HELOC. Someone told me that banks typically require 30 days, and even then they will generally base the LTV on the purchase price. Also, do banks allow cosigners on HELOCs whose name are not on the deeds?

Misinformation is plentiful online, so I thought I'd ask the trusted BP crowd.