Home equity loan after foreclosure?

[mobroke]

I'm sorry if someone has asked about this before but I couldn't find any info on this topic.
I had a ch 7 over 2 years ago. I included my mortgage in the bk, I stopped making payments and they foreclosed. I bought a condo outright. I would like to buy a house soon. I know that I have to wait 3 years after the foreclosure for a FHA mortgage. My question is: Can I take out a home equity loan on the condo and buy a house with it? Thanks.

[despritfreya]

I bought a condo outright. I would like to buy a house soon... My question is: Can I take out a home equity loan on the condo and buy a house with it?

Sure, why not? The question is, if you buy house #2 are you doing so without a mortgage - your line of credit secured by the condo will be enough to pay cash - or will you use the $$ as a down payment and secure a loan for the balance of the purchase price. No matter what, you have to qualify for the loan (HELOC and/or new loan for the new purchase). Whether you will or not is not something we can answer.

Des.