I have a rental home in detroit, mi that I own free and clear. my credit is roughly 610. No lates, just

Asked by Miked, Detroit, MI Mon Jun 22, 2009

high debt ratio. house should appraise between 50-60k. Is it possible to 50% cash out with credit score in low 600 range and high debt/income ration? thanks Mike

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Trent Dalrym…, , Huntington Woods, MI
Wed Jun 24, 2009
With our program the house must appraise for at least $75,000. Also, we rarely cash out on an income property, unless you have owned it for at least one year. The financing in Hard Money has changed dramatically, much like all of the other lending out there. Your DTI could also be a problem but that may be easier to work with than the homes value. Is the property in Detroit or Clawson? You can always call me at (248) 547-3006 and maybe we can figure something out. Trent Dalrymple
Web Reference:  http://www.HardMoneyMi.com
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