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I need to get a mortgage/refinance on a house bought for cash in 2005 which appraised in Aug for $370,000.

The house is my daughters and I was added to the deed in September. I need to pay off credit card debt and she needs cash to make some repairs and pay off some house debt, the house is currently vacant . She lives in CA and I live in VA. My median credit is 683 and hers is 609. help! by Cellis_590_733 from Springfield, Virginia. Nov 14th 2012 Reply


Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,431 contributions

There are a number of possibilities, but it really depends on credit as well as income to support payments. It could be possible to arrange for this even though you are not living in the same state as your daughter. To properly advise you I would need more specific details. Please give me a call and I'd be happy to help, or you can reach me through our website. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ Licensed in California and Arizona ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

Nov 14th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Nov 14th 2012
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Nicolas Amaro (NickAmaro)
#92 ranked lender in New Jersey - 23 contributions

Which state is the house in?... just give me a call....at 201 398 3726 Nick Amaro

Nov 14th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

her credit score is going to be tricky for cash out ....so you are on the house as a investor type person.. question, why is the house vacant? is the house in ca or va? linda you can email me at yourloanpartnerforlife@live.com linda

Nov 14th 2012
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Adrian Brown (AdrianBrown)
#5 ranked lender in Virginia - 12 contributions

I am currently located in VIRGINIA and would need a little bit more information in order to advise you properly. Please give me a call at 757-672-6550. Licensed in Virginia

Nov 15th 2012
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Adrian Brown (AdrianBrown)
#5 ranked lender in Virginia - 12 contributions

I am currently located in VIRGINIA and would need a little bit more information in order to advise you properly. I can be reached at 757-672-6550. Licensed in Virginia.

Nov 15th 2012
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,784 contributions

There isn't enough information here to make any sort of great answer for you, and it leaves me with many questions. Contact a local non-bank lender near the property, give them a full application, and see what your options are.

Nov 15th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

Lots of questions about your scenario. Did the appraisal reference any repairs as being needed? How much cash is needed? I handle loans in either VA or CA (sounds like property is there?) but need a 640 score for a cash out loan and I think many lenders may have a similar requirement so her score will be the biggest challenge, but it may be possible to do the loan just in your name.

Nov 15th 2012
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Jason Vondrak (jvondrak)
#221 ranked lender in California - 1,741 contributions

There are a number of factors that go into determining your eligibility for a cash out refinance loan in addition to credit score. We are lender located in California, feel free to give us a call at 858-605-0952 to go over your current situation in more detail and obtain a free, no obligation quote. Visit our website at www.prospectfgi.com!

Nov 15th 2012
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