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If you use your VA loan for 100% financing, where is the equity you need to collateralize a home equity loan?
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A higher perceived value does not always translate to the appraisal. Upgrade costs almost never increase appraised value dollar for dollar. Unless you will have more than 20% equity based on appraisal, you probably will not be able to get an equity loan. For most lenders, an equity loan will most likely be limited to the difference between 80% of appraised value and your current loan balance.