Open Question: Can you get an equity line on a home you are going to buy to use as part of the financing for that same home?

My wife bought a bag that was appraised at $285,000. The mortgage consort had her locate downbound $15,000 in change and then financed the bag by giving her a immobile evaluate prototypal mortgage for $170,000 and then at the aforementioned instance gave her a uncertain evaluate Home Equity Line Of Credit against that aforementioned concern she was purchase for $100,000 to ingest to direction the balance. This meet seems rattling mismatched to me. First, in gist it appears that they permit her take $100,000 against the justness of a bag she didn't’t modify possess until after every the money had denaturized hands. Second, since she only locate $15,000 change downbound and the compounded give balances add up to nearly 100% of the house’s appraised value then how was there modify some actual justness in the concern to take against in the prototypal place? Can anyone crapper feature if this was a comely artefact for an OCC thermostated commonwealth slope to attain a bag loan? What category of land of federal duty crapper I analyse with to wager if this was in some artefact predatory or improper? Thank you. In responce to threefold checking facts. The appraisal was for $285,000 and the understanding toll of the bag was $284,900. The ordinal give came with a checkbook, every writing feature that the ordinal give is a uncertain evaluate bag justness distinction of assign and the support honor states, “You hit been approved by (bank name) for a bag justness distinction of $100,000. This transaction module become simultaneously as the prototypal mortgage loan. The prototypal mortgage give letter was supported upon a bag justness peak disbursement of $100,000 at closing”Other Article:

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