We are close to spending our mutual fund (20k) on a house (appraisal value is 56k). This will leave us completely broke, except a few hundred to pay utilities-we want to act fast on this house. We are wanting to take out an LTV loan, but we don’t have a mortgage since we’re buying it outright.. how would that work?
Also, neither of us have a “stable” work history since we’re students. Is that a problem if we own the house and want to take out money against it?
The LTV loan would be for minor repairs to the house.