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HELOC on FHA Loan

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lokeshwk Joined: 17 Mar 2011 Posts: 3 1.75 Dollars($)	Posted: Thu Mar 17, 2011 2:06 pm    Post subject: HELOC on FHA Loan Like 0 Dislike 0 Hi, I am buying a house using FHA loan. Based on the assessment, there is close to 100K equity in it. After purchase of the house, is it possible to obtain home equity line of credit on this home?? I heard that we cannot obtain HELOC if we puchase a house with FHA. Is this true? Any suggestions for obtaining HELOC under these circumstances will be greatly appreciated. Thanks!
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Mar 17, 2011 9:19 pm    Post subject: Like 0 Dislike 0 Hi lokeshwk! Welcome to forums! You can obtain a home equity line of credit if there is equity in your property. It will be better if you could use a FHA home equity line of credit if you want to cash in the equity in the property. Feel free to ask if you've further queries. Sussane
lokeshwk Joined: 17 Mar 2011 Posts: 3 1.75 Dollars($)	Posted: Fri Mar 18, 2011 7:46 am    Post subject: Like 0 Dislike 0 Yes, like I mentioned, there is a lot equity. I forgot to provide onw more detail - for this FHA loan, I am putting 3.5% downpayment maybe a little more but by NO means I will be putting down anything close to 20%. When I asked my mortgage broker about home improvement loans - 203K loan Vs. HELOC, he said that 203K loan is the only way I can get some money for improvement while buying the house but HELOC will not available because I put down less than 20% (inspite of having equity). Does putting less than 20% down for a home disqualify me for obtaining HELOC???
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Fri Mar 18, 2011 4:49 pm    Post subject: HELOC Like 0 Dislike 0 FHA does not care if get a second mortgage after their first mortgage. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
lokeshwk Joined: 17 Mar 2011 Posts: 3 1.75 Dollars($)	Posted: Sun Mar 20, 2011 8:17 am    Post subject: Like 0 Dislike 0 jveenstra, Can you please elaborate on your response? Thanks
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Mon Mar 21, 2011 7:49 am    Post subject: FHA Like 0 Dislike 0 I do not know what else to say. You asked if you could get a HELOC if you buy a house with an FHA mortgage. You can do that as long as you qualify for the second mortgage HELOC. Whta else do you want me to say? _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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