How soon can one apply for HELOC after closing on primary home?

[Kalpesh Patel]

Hello Everyone!

I want to know how soon can I apply for HELOC once I close my primary home. To give a scenario, I am buying a foreclosure property as my primary home with a price of $100k less than what it appraised for. So as soon as I close on the house, I will have an equity of $100k.

Once I close on that, do I need to wait on certain period of time to get HELOC? If I close with $100k less price than its actual value, would the next appraisal be affected by that?

Thanks for your time!

KP