Need some pointers setting up home equity loan. - Posted by ChrisG.

import · May 23, 1999, 4:05pm

Posted by C. Ryan Schadel on May 23, 1999 at 21:21:24:

Unfortunately, no conforming lender will care how much money you make if you don’t have a good credit score. You will have to get a loan through a broker or non-conforming lender which means a higher rate or higher fees. Your mother(if she has good credit) can get a No Income Verification (NIV) loan through a good broker. The rate will vary from 8.250 to as high as 11.25. Different brokers have different stipulations and requirements. It sounds like you are on to something good and I hope it works out. If you have any other questions, you may call me @ 706-790-6622. I’m in Augusta, GA. The above # is my work number. I rarely check my email.Good Luck!

import · May 23, 1999, 4:05pm

Posted by ChrisG. on May 23, 1999 at 16:05:12:

I need to help my mother get a home equity loan for use for R/E Investing. Her house is free and clear and we will probably be using a credit union she has developed a relationtionship with. She has excellent credit but does not earn much money. I earn pretty good money and will be making the payments for the loan but my credit is not good enough to qualify for a pesonal loan. My mother decided to become my financial partner while I work on the deals but I don’t know how to proceed from here. Any advice will be appreciated.

-Chris
Columbus, Ohio