Posted on: 02nd Aug, 2010 07:15 am
i am planning to buy a house cash, but the house needs repairs. can i be able to get a loan that i can use the title as a collateral or a personal loan that can be turned to a mortgage. am paying for the house 18000 but the market price for the housed in that area is 70k. I will be requesting for around 40k.pls give some advice
You can apply for a home improvement loan. Personal loans are available at a high interest rate. Thus, it's better to go for a conventional loan. You can even apply for a FHA loan for home improvements. However, in order to get a mortgage, you need to have good credit scores and a stable income. Apart from this, the lender will also check your debt to income ratio before approving your mortgage.
You can speak to the local lenders in order to get the home loan. You may even speak to the lenders of this community and seek a no obligation free mortgage quote. This will help you know what type of rates and terms you may receive.
You can speak to the local lenders in order to get the home loan. You may even speak to the lenders of this community and seek a no obligation free mortgage quote. This will help you know what type of rates and terms you may receive.