Financing in Michigan>Question Details

Jrosswaterfo…, Home Buyer in Michigan, ND

I have a home which I purchased for 242,000 in feb 2010, paid cash, 0 balance, I am looking for a home equity loan for 80,000, I have a buiness which

Asked by Jrosswaterford, Michigan, ND Fri Aug 26, 2011

does not show a profit on paper, the wife works , make 48K per year, and has I 716 score, where can I get this loan ??? Help

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Since your business doesn't make a profit on paper, then between you and your wife, your wife would need to be on the loan so her $48k/year could qualify for the $80k home equity loan. I'd start with who you bank with, as if your home is really worth $242k (or even if it's only worth $100k) then an $80k home equity loan should not be a problem to obtain. You should check around with 4 or 5 banks, as you'll find the home equity loan terms will vary a bit from lender to lender. There should also be just very minimal or even no costs on that type of loan program.
0 votes Thank Flag Link Fri Aug 26, 2011
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