can i get a home equity loan on a home i just bought that i was gifted equity in it?

stephanie b asked: we are buying a home from my mother. she is gifting us the equity in the home. can we get an equity loan at the same time as we get our home loan or do we have to wait and how long?

How long after buying a home will i be able to take out a home equity loan?

Kelly asked: I am wanting to buy my first home and the home i found needs work. I want to take a home equity loan out to make the repairs but i dont know what kind of time frame i will be looking at to get one. Any advice would be much appreciated.