The townhouse is near a college and there is no doubt I will be able to rent it out. I have several friends that want it. I have been employed with the same company for 12 years, have 2 vehicles, 1 that is paid off, and the other (which I purchased for my daughter) has a payment of 232.00 per month. I have 2 credit cards, none of which have balances. I pay cash for everything but have no savings. I do have a 401K. What are my chances of obtaining a loan for a second house? Who do I contact? Where do I start?
Related Entries
- Curious About Purchasing A Second Home. I Own A Townhouse That, At Today’s Value, Has No Equity.?
The townhouse is near a college and there is no doubt I will be able to rent it out. I have several... - Curious About Purchasing A Second Home. I Own A Townhouse That, At Today’s Value, Has No Equity.?
The townhouse is near a college and there is no doubt I will be able to rent it out. I have several... - Curious About Purchasing A Second Home. I Own A Townhouse That, At Today’s Value, Has No Equity.?
The townhouse is near a college and there is no doubt I will be able to rent it out. I have several... - How Should I Go About Selling My Current Home That I Have A Mortgage And Home Equity Loan On And Go About…..
We want to relocate to my home town to better off my children this would give them a better school d... - How Much Equity Do I Have In The Home That I Bought From Hud? Its Appraised At $80,000. We’ve Paid $1,000?
appraised at $80,000
Loan amount $40,000 which was full asking price since it was a HUD foreclosure... - Liquid Equity G? A Word That Fits Leg As In “his Home Loan Was A Arm (adustable Rate Mortgage) And A Leg”
I am looking for an acronym that fits the word leg.
I started with Liquid Equity Grab.
As in the ... - If I Have $30,000 In A Home Equity Line That I Pay 8% On, Should I Take A $30k Loan From My 401k To Pay It Off
you should really look into Dave Ramsey, he will open your eyes to controlling your debt.... - Confused About Home Equity, Can Anyone Help?
We are about to buy our first house. The house was listed at $77K. We did an FHA loan that allows fo... - How Much Equity Do I Have In The Home That I Bought From Hud? Its Appraised At $80,000. We’ve Paid $1,000?
appraised at $80,000
Loan amount $40,000 which was full asking price since it was a HUD foreclosure... - Any Car Loan Lenders That Dont Care About Negative Equity From Your Current Car?
The financing company doesn't care about your negative equity. Finance companies give dealers guide... - Purchasing A Home And The Bank Accepted Our Offer And The Appraisal On The Home Was About $50,000 More?
If we put an offer on a home and the bank accepts that offer, then the home gets appraised for MORE ... - I Got A Call From Somewhere Wanting To Talk About My Home Equity..?
Today i got a call, by the way i am a minor, from somewhere wanting to talk about my home equity....... - I Want To Use The Equity (about $400,000) In My Current Home To Buy An Investment House In Australia.?
The investment house I want to buy is $800,000. Do I therefore get a loan for $400,000 or $800,000? ... - I Have Home Equity Line About 58000.00 Not Able To Return To Bank?
i have spent home equity line 58000.00 on a business , but business is gone bad . i am unabl... - The $15,000 Tax Credit In The Stimulus.would I Get That If I Refinance? The Loan Is Home Equity To A Mortgage.?
Yes, the way it reads now, existing home owners can refinance and take the credit. It is 10% of th...
— Trackback URI
This entry (permalink) was posted on Saturday, November 21, 2009, at 10:55 pm by . Filed in FINANCIAL SERVICES and tagged About, Curious, Equity, Home, Purchasing, Second, That, Todays, Townhouse, Value.
November 21st, 2009 at 10:55 pm
I was in a similar situation. Had no problem qualifying. It will be based upon your credit history AND your income to debt ratio. Is your income high enough support a second home mortgage?
Contact a real estate agent or mortgage broker. Get yourself pre-qualified for a mortgage. When you are pre-qualified, it almost guarantees that you will get the loan as long as you don’t take on additional debt or change your credit profile. This doesn’t commit you to a loan, it just determines how much you can afford. Then you won’t waste time looking at homes that are beyond your budget.
November 21st, 2009 at 10:55 pm
No home equity is fine. No down payment in today’s market problem. I would recommend a class for property management to show the bank you are serious about the rental first. After they see you have the experience they may loan on that criteria.