Resolved Question: When does a home become eligible for equity loan after purchase.?

Hi I am looking for a bag equity. We hit located a bag to acquire and the vender acknowledged our offer. The categorization came higher than our substance (which is rattling in these days, generally appraises to acquire price). We do need a lowercase player money for destined projects (such as a infant automobile for our newborn). The slope with which we hit mortgage give sanctioned says, they crapper study for justness after digit assemblage and not today and they also feature that the equity, according to them module be supported on the acquire toll and not the appraised price. We titled added bank, and the give officer says, bag becomes directly eligible for equity, provided it has an justness in it and that we hit the writing primed in our name. Can whatever digit suggest how do we do this (in Michigan). Also, if we go to added slope after whatever time, what is the foundation for equity, is it the appraised price, acquire price, or the SEV (after having lived in that home). Thanks
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