Posted on: 24th Aug, 2010 04:56 pm
My Grandmother is going to title over 6 acres of developed land in East Texas (with a house on it) and I plan to get a loan with the land and home as collateral, give Grandma a good chunk of the loan money and use another good chunck of the money to pay off some debt and flip and rent the house. We just bought our first home and our credit is pretty much stretched due to that and our credit wasn't beautiful in the first place (600's). Will getting a loan against the land/house be difficult for us?
Hi Guest,
You can qualify for a FHA loan with the type of credit score you have. However, apart from your credit scores, the lender will also check your financial situation and your debt to income ratio. If you satisfy the lender's requirement, you might be able to qualify for a loan.
Thanks
You can qualify for a FHA loan with the type of credit score you have. However, apart from your credit scores, the lender will also check your financial situation and your debt to income ratio. If you satisfy the lender's requirement, you might be able to qualify for a loan.
Thanks