I have poor credit can i borrow 50k from my brother to buy a 100k house then refinance in 3 mon to pay him?

Essie
A private lendor said I can refinance up to the appraisal value in 3 months. Then I can get the cash back to pay my brother back.

Laticia
do NOT listen to that private lender, they're not telling you the truth. Most lending institutions (banks, S&L's. credit unions) will only finance up to 80% of the homes value. And 3 months of payments is not long enough to establish your credit worthiness nor earn you much equity. Refi's cost money, so do appraisals. With your poor credit i would not lend you 50k, even if i were your bro.

Bettyann
NoIf the house is 100k and you have bad credit, how do you expect to qualify for the other 50k? LOL You cannot refinance a toothbrush if you have poor credit.Don't listen to this *private lender*. He sounds like he has a horse in this race.