Bad Credit – How should I mortgage (get money out of) my house?
I have pretty bad credit (480s probably) … its all silly stuff/education that added up – about ,000 worth.
I own free and clear a residental/commercial property with a large house on in – been fixing up the house. I have a rebuild letter from the city, so it can be financed as a regular residental home mortage or whatever. (Being its residential/commercial propery, if it burnt down – the town would only let commercial buildings be rebuilt – but with a rebuild letter – it can stay a residental or whatever I want)
It was valued by the realitor at about 5,000 (and I owe nothing on it) – I would like to get a loan for ,000 to pay off all my debts and put the rest into the home…
How can I accomplish this? What companys would do this? What type of financing should I do (mortage, equity??) ..
I am self employed – 2 yrs on the job
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2 comments
valstpatrick on August 31, 2009 at 8:11 am
You have a multi-use property. There are plenty of lenders that will allow this type of financing. Provided all structures on the property are in acceptable ‘market ready’ condition. Since you have been self employed for 2 years, you would need to provide proof of income, tax returns, or bank statements for 24 months. Depending on where you fall credit wise determines the loan to value calculation and your rate. Expect your appraisal fee to be higher to cover the multi use appraisal you will need and if you rent any portion of the property (commercial end) you will need a rent comparable if you use the income to qualify for the loan.
Hope this helps,
highrollersd on August 31, 2009 at 8:11 am
Hi, you can raise your credit I can help and we can do it in 15-45 days. Email me at ficohero@yahoo.com If you cant pay the cost to fix your credit, we can tie it into the refinance, but I had a similar situation and I used this company, they brought me from a 510 to a 730 in 32 days. I ended up working for them! because i was so amazed and knew that I could help people that are getting screwed by high interest rates and bad fico scores, my advice is free the service comes if you want to come on as a client.. would be happy to help once again im david email me at ficohero@yahoo.com