Own my land and home free and clear no mortage and my score is 629 what kind of loan is best?
I have no lein and the house needs major renovation. I dont live in because it needs repairs. I want to use the land or the land and house for collataral. what kind of loan or what is the best route. by jaxhenry from Poland, Maine. May 27th 2011
James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions
An FHA 203(k) loan would be the best option in today's market. You will be allowed to do the major renovations that you desire and get a 30 year fixed rate that is equivalent to the best FHA insured forward mortgages. The real benefit is that the appraised value, which will determine the maximum loan, is based subject to improvements. Happy Memorial Day Weekend.
Andre Duncan (FlagshipMortgageCorp)
#1 ranked lender in Delaware - 10 contributions
An FHA loan will be best for you. Give us a call at 866-625-9024
Joseph Afonso (jafonso)
#64 ranked lender in Arizona - 197 contributions
I would advise for you to have your credit report looked and depending on what is on your report you may be able to raise your scores and this will give you more options. If you have any other questions give us a call 602-531-7040
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