How long do we have to wait to take out a 2nd mortgage?

We are wanting to do debt consolidation. We just made our first house payment. It was a Fannie Mae foreclosure which we purchased thru a loan with the USDA. We paid $58,000 the house appraises for $72,500. How long do we have to wait to get a 2nd mortgage and how much could we get? Any help would be great ...thanksHow long do we have to wait to take out a 2nd mortgage?
For some reason your Question has appeared on the UK site -





In UK, the answer is 'no time at all' = I know someone who got 2 Mortgages - one for the main loan and the second for a 'top up' - at the same time ..





However, in USA the rules may well differ .. I guess you are going to have to post again..How long do we have to wait to take out a 2nd mortgage?
Don't assume that you will get any type of second mortgage on this property. Doing so now is far more difficult than it was in the past. Lenders are loathe to extend credit to the full appraised value of a property, based upon what has occurred in the past year.





Inquire at your bank about a possible HELOC on the property. The loan advisors there will guide you relative to how and when you might get such a line of credit.
Having the best mortgage possible is a great goal to shoot for (even though many of us will never achieve it; myself included). However, I think your question is more complicated than it may seem. So, I did a quick search and found a great article that answers your question
I am in the same boat...15k in debts. I didn't bother trying to get a consolidation loan because I already knew I wouldn't get approved. What I did do though is go to Debt 1 Option at http://debt.makemoneyguides.com since I didn't want to file bankruptcy. I get a lots of advices and tips.


Good luck !