I am considering using a Home Equity Loan as down payment for the buy of a following property. I have two questions. Is it right that the interest will be tax deductable if I take out no more than 100k? Secondly, how much typically will a Home Equity Loan cost me in fees?
Where are these so-called low-income home mortgage lenders I hear so much hoop-la about? I’ve been searching for months and have yet to find one that in fact makes these loans. Most won’t make a loan for less than 100k. Others won’t touch you if your monthly income is less than 2k a month. The rest won’t touch you except you have excellent credit. If your in fact low income you can’t meet the deprivation of to buy anything on credit (even if you could find someone to extend you credit), thus your credit is considered poor because you don’t have any credit history. The catch 22.
My husband and I have applied for a home loan and we are not too sure we are going to get it. His mid credit score is 579 (all debt is paid) and mine in 500. We have a combined income of $100k and are trying to buy a home for $265k. With our scores is there anyone who would take us? We are trying for FHA.
My primary residence is in Fl, and my wife and I have lived in it for over 2 years. I plot to refinance shortly this year and cash-out about 100k in order to remodel my home. Will I be reliable for capital gains on the cash-out?
If my home is underwater by 100K for example, it’s unlikely my kids would want it – and a burden I would not want for them. If I had 100K in the bank willed to them, would that have to pay off the mortgage difference before my kids? I’m thought it would: all my estate assets would have to make excellent on my home debt first. Would this be right?