Profile picture for sfstranger

Can I get home improvement loan ( 7,000.00) for MD rental prop. valued at 150,000. and its paid off?

My orlando house has only about 12,000.00 equity built up.  I have debt but am able to pay all my bills monthly.  The Maryland property is in Baltimore.  It is a 3 unit rental.  Zillow estimates its' value at $150,000.00.  I inherited it in 2001.  It is owned 100% by me with no mortgage balance.  I would like to get about $ 7000.00 to do some repairs and update windows, etc.
  • December 15 2009 - Orlando
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Answers (2)

Profile picture for Liberty Mortgage

If you qualify, the only option I see is to do a cash out Refinance.-  That means you get a new mortgage on the property for say $40K-  That is typically the smalllest amount available on a loan in today's day and age. 

  • December 22 2009
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You will not have any issue with the issue of sufficient equity; however, the loan size of the request and the fact that it is non-owner occupied will be the hurdle.  Try a local MD bank or Credit Union that can handle small (personal-sized) loans. That should be your most cost effective way to handle it.  Good luck and Happy Holidays.
  • December 15 2009
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