Can i get a home equity loan on a home i just bought that i was gifted equity in it?

we are buying a home from my mother. she is gifting us the equity in the home. can we get an equity loan at the same time as we get our home loan or do we have to wait and how long?

The short answer to your question is yes - you should be able to get a home equity loan as long as you do not mortgage more than the appraised value of your home. There are are factors that determine your ability to get a home equity loan (credit, income, financial history, etc.), so I recommend talking to a trusted mortgage professional. Get referrals from friends and family for a mortgage company they've worked with. Once you have a full analysis done, you can get a good idea of what you'll qualify for.

However, be careful about taking on more debt than you can handle. You may want to get the house, see how the bills work out and how many expenses you have and then look into getting a loan. If you know for sure that you'll have no problems handling the debt and you need the money, you should be able to get the loan.

Rules for home equity loans at the time of purchase have changed recently because of problems with foreclosures and subprime loan defaults. Your mortgage professional will go over all of this with you.

Good luck with your new home.

Don't do it. Ramping up the debt on a house you just aquired is a big mistake. I would make sure you can handle the actual costs. I know there are all these "great" reasons to go into more debt, but in fact we all know that is just us kidding oursleves with the help of lenders and the bad advice of other friends and relatives who have too much debt.

Technially if your credit is OK you could probably get a loan as soon as the paperwork is all completed.

Good luck

You should be able to. Shoot me an email to msmith@premierloangroup.com, and I'll help.

Marty