Unsecured Lines of Credit | TigerDroppings.com

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GAFF
Alabama Fan
Georgia
Member since Aug 2010
400 posts

Unsecured Lines of Credit



Here's my scenario. I'm wanting to buy my first home. I'm 26, single, and without kids. My plans are to live in this house for 5 or so years, then when I'm married turn this house into a rental and move into a more "family suited" home. The home I'm looking at is a REO, cheap, and only needs some minor work. With it being so cheap I'm wanting to buy the house on a LOC initially then after a year finance the home under a traditional mortgage. My logic is buy it cheap at a low appraisal, repair/update it, then after a year finance it under a traditional mortgage. A year from now and after repairs/updates it should appraise higher yet I'll only be borrowing the initial amount. So I'd be borrowing 50k on a 75k+ house giving me 25k+ of additional equity. Here's my dilemma, I have no collateral. My family wont cosign with me so I'm on my own. Is it possible to get a 50k unsecured LOC? My credit is good (700 range last I checked) but is that enough?






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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
30339 posts

re: Unsecured Lines of Credit


The only correct answer will be given to you by a real lender. It's free to ask.





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Motorboat
LSU Fan
At the camp
Member since Oct 2007
10906 posts

re: Unsecured Lines of Credit


quote:

Is it possible to get a 50k unsecured LOC


Doubtful. you're buying a house (collateral). Traditional mortgage rates will be cheaper anyway.






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Im4datigers
LSU Fan
Northern Virginia
Member since Oct 2003
3074 posts

re: Unsecured Lines of Credit


I'm a lender. No, you will not get a $50k unsecured line of credit anywhere.

Sorry, but just isn't freely available these days. $20k at a credit union MAYBE






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