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mamalovescoffee · Joined: 05 May 2009 Posts: 2 1.43 Dollars($)

Is there a way to get an equity loan on our home if we purchased it in December 2008, and paid cash for it?
What about someone with bad credit?

eric1 · Posted: Wed May 13, 2009 7:49 pm Post subject:

It is possible, but more details will be required to give you a true answer.

smithsussane · Posted: Wed May 13, 2009 7:53 pm Post subject:

Hi mamalovescoffee!

Welcome to forums!

With a bad credit it would be difficult for you to get a home equity loan. Keeping in mind the present market situation, the lenders are not giving loans to people with bad credit. You should have a credit score of 620 to get a FHA loan. For conventional loans, you should have a credit score of 700-720.

Feel free to ask if you have further queries.

Sussane

wanaloan · Joined: 13 May 2009 Posts: 2 2.45 Dollars($)

For deals that make sense there is equity and Mezz loans out there but they are all looking for 15 to 20% return. What type of project are you looking to do if it is retail you will need at least 50% pre leased with great sponsor and track record. If it is Apt or Senior Living Hud is the best thing out their at 90% ltc but take over 6 months to get. Very well worth it.

Talk to you soon,
Delia

gmakerley · Posted: Thu May 14, 2009 10:10 am Post subject:

these blatant advertisements are most annoying.
i pray our people pay them no mind.
mama you are likely to be able to obtain such a loan, but it won't be every lender falling over themselves to do it. a local bank, a credit union, etc. are likely far better bets than those outfits ready to over-charge you.

Posted: Thu May 14, 2009 12:53 pm Post subject: ?

not sure what you mean by your post.... you have your company and phone number like everyone else..... people with bad credit get get worse rates.....

Please keep your post professional.

I own the company.... Not sure you are representing your company well by trashing mine. I do not care to argue with you just keep your company positive and your posts.

gmakerley · Posted: Thu May 14, 2009 1:42 pm Post subject:

you can review guidelines following this link: http://www.mortgagefit.com/terms-services.html

please review them. perhaps i jumped the gun and you were unaware of the guidelines. we have some regulars who continue to advertise despite warnings from the administrator of the site. specific advertising is not supposed to take place.
you are welcome to enter your contact information in your profile; and yes, that's a form of advertisement, but i'm speaking of the open invitation to "call me" or the link to a specific site.

eric1 · Posted: Fri May 15, 2009 11:17 am Post subject:

Delia,

I sent you a message...

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