answers to mortgage and home equity loan questions
RSS icon Email icon Home icon
  • home equity or new mortgage?

    Posted on March 18th, 2009 admin 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

    JACQUES
    Share and Enjoy:
    • Digg
    • Sphinn
    • del.icio.us
    • Facebook
    • Mixx
    • Google
    • Fark
    • Furl
    • LinkedIn
    • Ping.fm
    • Propeller
    • Reddit
    • StumbleUpon
    • Technorati
    • Tumblr
     

    3 responses to “home equity or new mortgage?” RSS icon

    • BRYCE

      You can get a loan - if you qualify based on income and credit requirements.

    • SCOTTY

      I don’t see why not as long as you qualify otherwise and are willing to put the house up as collateral.

    • ERNESTO

      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.


    Leave a reply