Personal Finance
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 8 years ago,
First time home buyer and HELOC
Good morning everyone, I'm new to the forum and I have a few questions I'd like to ask.
I recently applied for a HELOC Line of credit in an attempt to tap some equity on my condo in Denver.I was denied due to the fact that I didn't reside in the residence (I moved to Las Vegas 6 months ago) That being said, I plan to try again with a different bank. Is there anything I can do to improve my chances of being approved? I read that banks are unlikely to give out HELOCs on
condos, can anyone confirm from their own experiences?
Second question: I payed 20 percent down on said property. Would I still be considered a first time home buyer if I decided to purchase a property here in Vegas?
Any clarification would be appreciated. Thank you for your time.