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i want to borrow $40,000 but only have about $20,000 in equity. what should i do?...i owe $191,000 and my house is worth about $211,000.

Posted: Thu Nov 05, 2009 9:24 am Post subject:

You are over 90% loan to value, you just don't have any equity to tap into. Most lenders will only allow 80%loan to value on conventional and 85% on FHA. Your home is just not an option unless you appraise for more.

cupplesjonathan71 · Joined: 04 Nov 2009 Posts: 82 0.00 Dollars($)

you can take personal loan for balance amount.

Guest

any suggestions about any other programs i could look into?a construction loan perhaps? anything

Guest

what do you mean by personal loan for balance amount and how will that help me?

smithsussane · Posted: Fri Nov 06, 2009 9:53 pm Post subject:

Hi russ!

Welcome to forums!

If you have $20,000 equity in the property, then you can cash in that amount through a refinance or a home equity line of credit. For the rest of the amount, you can go for a personal loan. However, a personal loan is available at a higher interest rate. So, if you cannot afford a higher interest rate, then you should not go for it.

Feel free to ask if you've further queries.

Sussane

cupplesjonathan71 · Joined: 04 Nov 2009 Posts: 82 0.00 Dollars($)

Thanks Smith for clarification.

Ross, id not think that you have any other option will you tell us more about your financial condition & need so that we can tell you some more options?

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