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18
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11
Votes
Jason T.
  • Wholesaler
  • Charlotte, NC
11
Votes |
18
Posts

BRRRR - Seasoning for home equity loan?

Jason T.
  • Wholesaler
  • Charlotte, NC
Posted

So I bought my new primary residence 2 months ago. I added several hundred square feet and would now like to tap the home equity. Is this something I can do right away, or do I need to wait until 6 months or 12 months? I've called a few conventional lenders and have been told that they can't use a new appraised value until more time has lapsed.

Is this the case for all normal lenders? I assume I can do a hard money loan without issue, but I'd like to avoid that if possible given how expensive they are.

I'm open to any loan product (HELOC, home equity loan, cash-out refi, etc).

Any advice would be appreciated!

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