HELOC on a primary home

[Christina Venegas]

is it possible to do HELOC on a primary home that was purchased 6 months ago with 5% of down payment, the property was $145k and it was appraised at that time for $160k. i need advice from investors and lenders, if anybody knows some lenders that could help me I would really appreciate it, thanks for taking your time to respond

[Dominic Mazzarella]

Quote from @Christina Venegas:

is it possible to do HELOC on a primary home that was purchased 6 months ago with 5% of down payment, the property was $145k and it was appraised at that time for $160k. i need advice from investors and lenders, if anybody knows some lenders that could help me I would really appreciate it, thanks for taking your time to respond

It's definitely possible to get a HELOC on a primary home, but most lenders have a seasoning periods which are typically 6-12 months after purchase before they'll allow it. Since you put 5% down and the appraisal came in at $160K, your available equity might be limited since banks usually cap HELOCs at around 80-90% loan-to-value (LTV). You'll want to check with local credit unions or smaller banks since they often have more flexible HELOC options. Have you already asked your current lender? Some will offer a HELOC even if they originated your first mortgage.