Profile picture for user82281197

How to get a loan I usually won't qualify but I will be able to pay it off next year

I sold my home to a builder for a good price, problem is, I only get 10% payment this year, I will get the other 90% next year.
I expect home price to rise so I want to buy a home this year, I need to borrow around $700,000, with my salary regular loan won't work for me. But considering that I will get a big amount of money next year, I will be able to pay the loan off. with my situation, how can I get such a loan from a bank or some other places?
  • May 04 - US
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

I agree with the previous post.  A short term hard money loan may be a good option for you.  Traditional lenders are not going to lend on something like this.
  • May 05
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You're best bet would be looking into a hard money loan, especially because of the size of the loan. I just don't see any regular bank or mortgage company getting involved with this. The rate will be much higher, but if you are going to pay it off next year then the rate shouldn't play as big of a factor as usual.
  • May 05
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.