Is this possible?

[Carloscda40]

For first time home buyer how soon can I apply for a home equity loan for new siding and windows?

[MortgageMama]

Perhaps you should consider doing a renovation loan. If you have repair needs, those can be included in your future new mortgage. There are guidlelines as to who can do the windows as some programs don't allow you to do the work yourself, but overall it may be a better option. At this time, home equity loan rates are not pretty because they are based off of the Prime Rate plus 1, 2, -ish percentages. Please look up the current Prime Rate and try not to gasp. Overall you would get a much better rate if you began with one loan that would include those improvements. FHA has their 203K, Fannie Mae has Home Style Renovation and Freddie Mac has one as well.

[VAMortgageGuy]

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@Carloscda40 wrote:

For first time home buyer how soon can I apply for a home equity loan for new siding and windows?

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It really depends on the amount of equity you have. Most HELOCS will only go up to 90-95% of the appraised value of your home.

That plus the current rates for HELOCs is why you should do as MortgageMama suggested and look at doing a reno loan.