Am I screwed or can I get a loan?

[Stephen W.]

WANTED: $25,000 mortgage/loan over at least 10 years and preferably 15 years.

COLLATERAL: 3/3 duplex that is owned outright and is worth around $50,000. Rent totals $1,200 per month. Taxes and insurance are roughly $200 per month.

CASH RESERVES: $7,000

PROBLEM: Self-employed with a new business and I can't show a profit. Credit score is around 640. Credit card debt is around $3,000, which I could pay off with cash reserves, however, I know the lender would like to see some emergency cash available. I have no other debt, live rent free and no car payments.

SOLUTION: Is there anything available for me? Ideally, I would get a mortgage at a reasonable rate over 15 years. The rental income would easily cover anything reasonable......even at well over 10%