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home equity or new mortgage?
Posted on March 18th, 2009 3 comments
lee b asked:
I own a house free and clear, FMV about 58000.00, its a rental, score is 600. Can I get a loan? I have about 6K in 401K. All my money is in the rental house.
Any suggestion of who I can go to. I am willing to use house as collateral
JACQUES3 responses to “home equity or new mortgage?”
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You can get a loan - if you qualify based on income and credit requirements.
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SPIFIMAN1 March 20th, 2009 at 18:43
I don’t see why not as long as you qualify otherwise and are willing to put the house up as collateral.
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There a lots of mortgage companies that refuse to process a cash out refinance on rental property.(I think that’s what you are talking about) The guidelines for even obtaining a mortgage for rental property are not the same as those for owner occupied property.
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bud68 March 18th, 2009 at 11:13