Home Equity for new purchase issues

[Akil Simmons]

I purchased a investment home cash last month for $60,000 (it appraised for $110,000 as is). I wanted to home equity loan for $70,000 so I have my cash reserve back, but 2 banks so far say I haven't owned the house long enough. A third bank said they will do 80% of the purchase price. looking for some suggestions.