home equity or new mortgage?

Posted on March 18, 2009 by admin
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
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3 Responses to home equity or new mortgage?

  1. bud68 says:
    March 18, 2009 at 11:13 am

    BRYCE

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

  2. SPIFIMAN1 says:
    March 20, 2009 at 6:43 pm

    SCOTTY

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

  3. Rusty says:
    March 22, 2009 at 4:53 pm

    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.

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