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What if I don’t pass the income requirement but I have a house I can use as collateral?

Unfortunately, regardless if you have a collateral banks still look at your capacity to pay off a loan. Unless you are married and your income and your spouse’s combined income can pass the income requirement then you may be qualified to take a loan. But that also depends on the type of loan provider since some providers only look at your income and do not consider the spouse. As for collateral, an applicant can use a property, whether a car or a house/lot, as collateral only when you need a bigger loan amount than your current income can afford.