Hello. I have a few questions that I hope someone with more insight can answer.
My fiancés father is buying a condo for us in full. The total amount is 40k.
Now here is my question. We both have poor credit, in the 550 range. No major debts, just late payments and 7+ inquiries. I am in a car finance, owing about 13k. We'd like to take out a him equity loan as soon as we receive the deed, which should be about a week. We haven't appraised the place, stupid we know. Everything was done in a rush but that's not the point. On real estate websites it shows the place is valued at around 37-39.
We'd like to take out 25k using the loan, to payoff the car and use some of the money for the move. We are relocating from south Florida to Tampa, where the condo is located. We are going to save the rest.
Reason why we'd like to do this is because the payments on the load would be, if my math is correct, half of my car. Which is 460 per month. And as I stated it would help with our move and such.
Is this possible to do? With both our credit scores? And is it a risky move?
I know interest can be a little high, but we'd be okay with 6% being the max. And if possible we'd like a 15-20 year loan.
Is any of this possible? Thank you for answering in advance
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