Process for getting a mortgage for a home already paid off

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Icon Mini Profile moe_bahri





Joined: 20 Dec 2009

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Post Posted: Sun Dec 20, 2009 2:30 am    Post subject: Process for getting a mortgage for a home already paid off
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I'm wondering what it takes to get a loan for a home that I'll fully pay for using my savings and home equity line of credit. I'd like to be able to get a 30 year mortgage after I close escrow. The amount of the loan will be equal to the amount of the home equity line of credit that I'll be using (about 1/2 the home value). Also, how long before I can apply for the mortgage?

Thanks,
-Moe
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005

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Location: ALASKA
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Post Posted: Mon Dec 21, 2009 12:21 am    Post subject:
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Hi moe_bahri,

If you have the required credit score and income, you will be able to apply for a home loan immediately. I hope you are planning to get a conventional loan. In that case, you should have a credit score of 700-720. Apart from this, the lender will also check your debt to income ratio before approving a loan.

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Moe Bahri

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Post Posted: Sun Jan 03, 2010 10:20 pm    Post subject: Process for getting a mortgage for a home already paid off
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Thanks for your reply. With my credit score (close to 800) and my debt to income ratio I'll definitely qualify for the loan. I am using the home equity line of credit merely to be able to pay cash and win the deal on a foreclosed home, but I'd like to replace the home equity loan with a conventional fixed mortgage. I had heard that you can get a loan for the home that is paid off after 6 months and not immediately.
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Post Posted: Mon Jan 04, 2010 10:50 pm    Post subject:
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I would suggest you to speak to some of the other lenders and check out what they have to say regarding this matter. As far as I know, you will be able to get a loan as the property is already paid for.
jerri

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Post Posted: Fri Jan 29, 2010 5:38 pm    Post subject: how to get a home loan, if the home is already paid for
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my home is paid for, and i need to borrow money for personal reason, and home repairs. how do i get a home loan with fairly bad credit?
jerri

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Post Posted: Fri Jan 29, 2010 5:41 pm    Post subject: home loan for a house that is paid for
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how, or where can i get a home loan, if my house is paid for. i don't have great credit, but i have personal reasons i need a loan for, and for house repairs. can you help me?

jerri buchanan

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