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What type of loan do we need

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menolan Joined: 23 Oct 2010 Posts: 1 1.33 Dollars($)	Posted: Sat Oct 23, 2010 5:50 pm    Post subject: What type of loan do we need Like 0 Dislike 0 The wife and I bought 2 acres of land with a 90 year old home for $35,000, a little over 2 years ago, south of Houston, Texas, we paid cash. We have been remodeling ever since, the house and property were assessed for $80,000 for the next tax year. We are doing all the work ourselves and out of pocket, no bank loans. We expect to be complete by April of 2011 with 90% of the work. We did borrow $12000 from friends 2 years ago and we need to know what type of loan to apply for so we can pay them back in April of next year. Any help or suggestions would be highly appreciated.
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Tue Oct 26, 2010 3:38 am    Post subject: Like 0 Dislike 0 You can take out a conventional but fixed rate mortgage and pay off your friends. However, in order to get a mortgage, you should have good income and credit score. You should have a credit score of 700-720 in order to get a conventional home loan. Apart from this, you should have the required debt to income ratio. If your debt to income ratio does not meet the criteria of the lender, then he won't be ready to give you a mortgage. _________________ Good is the Enemy of Great.

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