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Updated about 1 year ago on . Most recent reply

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Nikol Catino
  • Investor
  • West Palm Beach
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Collateral lending help

Nikol Catino
  • Investor
  • West Palm Beach
Posted

Looking to buy a  primary residence in the range of 350k for house hacking purposes and I want to use my paid off condo as collateral, but I only make 60k per year and have a 640 credit score. 

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Wale Lawal
  • Real Estate Broker
  • Houston | Dallas | Austin, TX
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Wale Lawal
  • Real Estate Broker
  • Houston | Dallas | Austin, TX
Replied

@Nikol Catino

Using your paid-off condo as collateral could help you leverage equity for your house hack, but with a $60K income and a 640 credit score, your loan options may be somewhat limited. Consider a home equity loan or HELOC to tap into your condo's value while improving your credit score to qualify for better mortgage rates. Also, explore FHA or VA loans (if eligible) with low down payments to maximize affordability.

Good luck!

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