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Answers (5)
- John Conklin, "203K Alternative"
- Contributions:130
With 50% you can get loan through a private money source. The rates and fees will be higher then conventional financing. There are some portfolio lenders that use depletion of assets as income if you have a lot of cash reserve that may work for you. Non-occupied co-borrower may be another option for you if you have family member with good income willing to Co-sign on the loan for you.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Worse case scenario for financing would be a Private Money Loan with 40% down. Interest rate around 11% with about 4 to 5 points.
Happy funding, Rudi
Happy funding, Rudi
- Jerry Cecil, "Jerry Cecil PLLC"
- Contributions:53
I agree with Jeff below. You need to seek the advice of a local mortgage consultant. From my experience, I don't see you getting a mortgage through conventional means. You would have to find a consultant that is creative and seeks non-conventional options like using your assets as a source of revenue.
- Jeff Masich, "Arizona Homes Land"
- Contributions:508
Hi Daily:
Well you have good news with your credit and balance sheet portfolio. Iwould first share your situation with a lender and the amount of loan that you need. Also, a local community bank may be more flexible than a national lender based on a relationship if you open your bank accounts there. There are also hard money lenders (higher interest rates though). Let me know if you need some recommendations.
Jeff Masich
Arizona Homes and Land
HomeSmart Realty
Well you have good news with your credit and balance sheet portfolio. Iwould first share your situation with a lender and the amount of loan that you need. Also, a local community bank may be more flexible than a national lender based on a relationship if you open your bank accounts there. There are also hard money lenders (higher interest rates though). Let me know if you need some recommendations.
Jeff Masich
Arizona Homes and Land
HomeSmart Realty
- Roswell Moore, C.M.P.S., "Mortgage.Coach"
- Contributions:104
Hi dailysun,
Sorry to hear of your dilemma. Your suspicions are correct . Being self employed & having a close to no income for the last two years, you will be hard pressed to be qualified for a loan without a history &/source of sustainable income.
There are portfolio lenders we use who will look at using your assets as a revenue source. I am open to any questions you may have about this. Google
All the best,
Ros
Roswell Moore, CMPS
Certified Mortgage Planner
Scottsdale, AZ
Sorry to hear of your dilemma. Your suspicions are correct . Being self employed & having a close to no income for the last two years, you will be hard pressed to be qualified for a loan without a history &/source of sustainable income.
There are portfolio lenders we use who will look at using your assets as a revenue source. I am open to any questions you may have about this. Google
All the best,
Ros
Roswell Moore, CMPS
Certified Mortgage Planner
Scottsdale, AZ
W/ a large down, good credit, good bal sheet, but poor 09 & 10 self emplmnt erngs, can I get a mtg?
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