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Updated over 8 years ago,

Account Closed
  • Investor
  • Las Vegas, NV
11
Votes |
39
Posts

First time home buyer and HELOC

Account Closed
  • Investor
  • Las Vegas, NV
Posted

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.

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