How Soon Can I Take Out a Home Equity Loan or

[don c]

Refinance After a Cash Purchase of a Foreclosure? The house is only 10k. So if I pay 10k cash, how fast can I do a home equity loan for that 10k? I need to make repairs as it is a foreclosure in poor condition. Can I do a refinance loan and get more than I even paid for it if it appraises higher than 10k, which it will? Thanks for any help

[Holi]

It depends on if you go through a bank or mortgage company. Many mortgage companies are willing to turn it in as soon as the sale is final. Banks generally are more resistent in this type of thing.

[Othniel]

If you already have a relationship with a lender then approach them and tell them what you want to do with the money. They will more than likely require an appraisal and make a decision based on your credit, income, debt and assets.