My main question is which is the best way to go about getting money to purchase a house. 30-40k range. I already have $15k saved up. (School loans + line of credit). My other questions are..
1. Can you get preappproved for more than 1 loan at a time?
2. Can you have more then one line of credit
3. Does having a line a credit factor in to the decision for banks lending you money?
Someone please assist me in this. thank you in advance
It will be difficult to get a mortgage loan since most banks will only allow you to have a $50,000 mortgage loan at minimum. You may have to get a personal loan, which will be closer to 8% interest, which kind of makes your credit score meaningless. I'd ask your bank first if you can get a mortgage of 30-40k. If they say that the minimum is 50k for a mortgage loan then you'll either need to get a personal loan with a much higher interest rate or find an investment property higher than 30-40k.
Hope this helped
I already have $15k saved up. (School loans + line of credit).
Um, these sound like loans to me. You need your own saved up money (and not borrowed) to buy a property.
1. Two years of steady employment
2. High credit scores
3. Money for down payment & closing costs.
I doubt you qualify because of 1 & 2 & (probably) 3 .
I dont have a great awnser for you but your doing pretty good in my opinion go with your gut and do some thourough research
You "get money" by saving it up.
