Posted on: 13th Apr, 2010 03:18 pm
hi i would like to build a home or purchase a modular and build it on property my dad wants to sell..he is willing to give me a gift of equity for as much as i need to get a loan to build a house...i need to use of gift of equity cause my credit took a dump from business going under..if someone could help me in getting a loan i would say the equity is around 80k thanks in advance Jeremy
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[size=9:e80524b24d][color=Red:e80524b24d][Email address deleted as per forum rules. Thanks.][/color:e80524b24d][/size:e80524b24d]
Hi derailed,
Though you receive a gift of equity from your father, while giving you the loan, the lender would consider your income and your credit score. If your credit is too bad, you won't be able to receive a mortgage. You can speak to the local lenders and check out whether or not you would get a loan. You can also seek a no obligation free mortgage consultation from the lenders of this community. This will help you know whether or not you would get a loan and what type of rates and terms you can expect to get.
Thanks
Though you receive a gift of equity from your father, while giving you the loan, the lender would consider your income and your credit score. If your credit is too bad, you won't be able to receive a mortgage. You can speak to the local lenders and check out whether or not you would get a loan. You can also seek a no obligation free mortgage consultation from the lenders of this community. This will help you know whether or not you would get a loan and what type of rates and terms you can expect to get.
Thanks
i would be real interested in a consultation if someone could either email me would be great.i would have thought having 50-80k in equity banks would overlook credit problems..i have been trying to repair my credit for about a year now and only got it to mid 500s cant get a revolving line of c,redit which would help just dont know what else i can do..
Banks won't overlook the credit problems though you've equity in your property. You should have the required credit score in order to get a loan. In case of a conventional loan, you would require a score of 700-720 and for FHA loans, you would require a score of 620. If your score is lower than that, then you would not be able to get a mortgage.