I am considering using my VA loan to purchase a Property ( Primary Residence )
How soon could I pull the Equity out of the Property ?
Can you do this upon the Purchase ( before Closing ) ?
I am asking because .......... I have a HELOC on a Property already , and I want to pay it off and get out from under it as soon as possible
So was wondering , that if the next property I purchase has Equity in it , how soon i have to wait before I could putt that Equity out ( using a VA loan for the purchase ) to use it , to pay off this HELOC >??
Thanks so much for the help
The VA is pretty strict about what you buy. It will be very unlikely that you will be able to use it to buy a distressed property. That's where the equity comes from.
Using a VA loan, you will most likely not have any equity to pull out, you're going to have to pay retail and buy something that's already been fixed up or is in good shape.
It’s possible to buy a distressed property. It just has to meet the Minimum Property Requirements, in fact I just made a VA loan offer on a HUD home. It just has to appraise meeting MPRs. Basically ugly is ok; unsafe, unsanitary, unsound is not.
Not sure as to your original question though. I’d like to know from a VA lending specialist.
Thank you both for your replies
I really appreciate it
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