Financing Question

[zeppelin414]

I have a property in Indiana/No mortgage/liens.  I have owned it for a year, unfortunatley after we purchased it my husband was out of work for 2 months and our credit/cash went down the tube.  The property has a new roof, and we started on the interior before this happened, now we need to get financing to finish it and get our credit back to normal.  Does anyone know where to get help?  Score is below 500, and the interior is not done.  I do have a cousin willing to co-sign who has a 700 score. The property will probably appraise for 60K, I hope.  Thanks for help. : :o

[Property_Girl]

You would have to do a quit claim deed adding him to the home. Then wait a few months and do a cash out refi in his name alone. As soon as the mortgage is recorded....do another quit claim deed from him to you and him. He has to stay on but you really need to make sure you get back on as well.
I hope  this helps.

[christopher w]

You could also go with a lender that will allow a non-occupant co-borrower on the loan. Novastar has a program that will average your lower scores with the co-signers higher scores and use the blendede score to qualify you.