Posted on: 16th Aug, 2008 03:11 pm
my father has a paid off property in miami valued at 145k he will quitclaim it over to me, but i have poor credit(554) & never purchased a home so how do i get financing to pay him 80k and use the remainder for fix-up. if this is not my primary residence & if i want to rent it out?
can i quitclaim the property & refinance
or
use a 1st time buyer program.
whats the best way to be able to pull cash out of the property
can i quitclaim the property & refinance
or
use a 1st time buyer program.
whats the best way to be able to pull cash out of the property
Welcome Tory.
If your father quitclaims the property to you then you can get a loan against the property. As the property has been paid in full, you should not have problems to get the loan but the rates will be higher as your credit score is not too good. You should try t improve you score to get affordable rates and terms. By the way you will be considered as a First Time Buyer.
Let me know if you have any further queries.
If your father quitclaims the property to you then you can get a loan against the property. As the property has been paid in full, you should not have problems to get the loan but the rates will be higher as your credit score is not too good. You should try t improve you score to get affordable rates and terms. By the way you will be considered as a First Time Buyer.
Let me know if you have any further queries.