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Can using your home as collateral help you get a mortgage if you have a low credit score?

My combined score is 602. mostly due to having only 2 credit cards with small limits. I own a paid off condo worth about 40-45,000$. Can I use it as collateral to get a mortgage on a new home. I plan on getting a house and putting condo up for rent. 
  • September 28 2010 - Charleston Heights
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