Question: I just purchased my first home using a VA Loan and will receive the First Home Buyers tax credit some time in the next 12 to 16 weeks. I would like to make some repairs and improvements to the home now. How long must I have my loan in order to obtain a HELOC?
Answer: -You can take out a HELOC anytime as long as you qualify. Anymore it’s becoming extremely difficult to get a HELOC on your home because of what’s happened to the real estate market. Not only do you need stellar credit and financials to back it up, your home must have a good amount of equity in it. The days of taking out a HELOC up to 100% LTV are long gone.