I'll try and make this short haha I'm 29 single and just got back to a w2 job 2 months ago and am looking to get a home equity loan to purchase more rental properties. I was a manager at walmart and did have health issues so I had no option but to quit do to ptsd from military service. I went to e.r. thinking I was having a heart attack and the VA refused to pay for services and I now have close to 3k in medical collections I am paying on. I have 3 rentals on my property which generate $1,650.00 per month. I also now make $10.50 per hour totalling $1,680.00 I want to apply for the loan in March 2015 is this possible? I have filed rental income on taxes for past 5 years. I own my home with no mortgage paid cash for property and self built when I left the service. Current value of property according to county including rentals (mobile homes) is $169k and I'm looking to borrow 50K.
TU: 645
EQ:630
EX: 619
Income: $3,330.00 monthly
2 med collections originally $6,900 now under 3k and paying off in next 3 months
2 student loans totalling $8,250.00 1 loan reporting 30 day late due to being admitted in hospital
1 judgement from 2011 paid in 2011
1 paid auto loan from credit union no lates
I also had 7 other collections that are all paid and are on my reports
I only have 1 credit card with a 0 balance and 1,500 limit It has only been reporting for 3 months.
