Problems finding cash-out mortgage on second home.

rmcdonal
Contributions:14

I have inherited a small family home and want to obtain a first mortgage on the home, but I'm having trouble finding one. The home is >200 miles from where I currently live. I will let my adult daughter live there, and I will be live there briefly several times a year when I visit my grandchildren. There is no mortgage on the home now, and I have excellent credit, low debt, and sufficient income to qualify for the mortgage. I've been told that all I can hope to get is a HELOC, which I don't want to do.

Any other ideas or suggestions for me? --Thank you.

Flag content

November 10 2011 - US

E-mail Share RSS

Answers (4)

Tony Garcia, "TonyGarciaLends"
- 0.0/5.0
Contributions:17

Depending on your debt-to-income ratio, area where the home is located, and type of home it is, you should have options besides a HELOC. Feel free to contact me...I'm not really sure why you are having trouble getting approved...perhaps I'm not understanding your situation fully though.

Flag content

November 10 2011

Rudi Hofmann, "LUXURY HOME LOANS CA"
- 0.0/5.0
Contributions:7435

mcdonal,

You will find what you need at a local bank or credit union. Your loan amount is too small for most brokers. You may also want to try a couple of big banks like Well Fargo or Chase.

Happy funding, Rudi

Flag content

November 10 2011

rmcdonal
Contributions:14

Thanks. I'm not sure if it's too small, I don't know what the acceptable range is. The house was appraised at $98k.

Flag content

November 10 2011

Joe Cafiero, "Joe Cafiero"
- 4.8/5.0
- (28 reviews)
Contributions:3221

You should be able to borrow up to 75% of the value of the home. Not exactly sure how much you are talking about but maybe the loan amount itself is too low for traditional mortgage baks to lend on.