Home Buying in Okoboji>Question Details

Jon, Home Buyer in Spirit Lake, IA

My house is paid for in the $400k range. I have low income can I still get a home equity loan to buy a fix and flip house?

Asked by Jon, Spirit Lake, IA Tue Jan 19, 2010

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Dan Chase’s answer
You might get the loan. What happens if the flip does not work out and costs you $10,000?

Right now you own a nice house free and clear. Getting that equity loan could potentially (if something went wrong) take that house from you. I would rather see you safe than sorry.
0 votes Thank Flag Link Tue Jan 19, 2010
Yes, you may be able to. The FHA Rehabilitation 203(k) Mortgage may be the solution.

Details and Q&A: http://www.hud.gov/offices/hsg/sfh/203k/faqs203k.cfm

Search for local FHA Lender: http://www.hud.gov/ll/code/llslcrit.cfm
0 votes Thank Flag Link Tue Jan 19, 2010
You can. It is called a HELOC or Home Equity Line of Credit. I would recommend a local bank such as Northwest Bank. Let me know if you would like me to refer you a lender. Nick Steffes 712-339-0293
Flag Tue Dec 10, 2013
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