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

Hi I am hunting for a bag equity. We hit settled a bag to acquire and the vender acknowledged our offer. The categorization came higher than our substance (which is rattling in these days, mostly appraises to acquire price). We do need a little player money for destined projects (such as a infant automobile for our newborn). The slope with which we hit mortgage give authorised says, they crapper study for justness after digit year and not today and they also feature that the equity, according to them will be supported on the acquire toll and not the appraised price. We titled added bank, and the give officer says, bag becomes immediately eligible for equity, provided it has an justness in it and that we hit the writing ready 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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