We can do an 85% CLTV purchase NOO however we only lend in the SF Bay Area.
Where is the property located and how much are you looking to borrow?
With 40% down and the property is free and clear; I would ask for a seller carry. If not, I may have an investor for you.
We can lend up to 70% and a owner carry back of 15% for a combined loan to value of 85%. All you would need is 15% down. Where is the property located?
Private money lenders will lend up to 65% of the value. I know I would but we do not lend in your area.
My suggestion would be to leave your 401k alone, the money that is in the 401k are your employees. Let them go to work for you everyday.And be good little soldiers, marching and growing.Find a lesser priced home, live below your means and save as much as you can.And may the road rise up to meet you.May the wind always be at your back.May the sun shine warm upon your face,and rains fall soft upon your fields.
Spell check "Lots for sale"
First of all, keep up the good work, students and good credit what a winning combination.Most lenders and or banks have programs specifically designed for teachers in the way of lower rates, longer terms and so forth. Contact your local bank and credit unions. Use your credit, by a pair of scores and pay the bill of in full. Or have you husband take you out on a dinner date, make him pay with his credit card. When the bill comes in for the dinner, pay it of in full, if you have the means that is.You have to use your credit, "use or loose it" is what I tell my clients. The credit reporting agencies are looking for history, specifically over the last 6 months or more. If you have 3 to 4 credit cards now that is plenty. Do not apply for any more CC if you don't need them. Best of luck!
Use your credit, pay down you balances below 30% of your limit, pay your bill(s) before the due date and live below your means. One aspect of credit reporting is activity or the lack of activity. Activity, good or bad will effect your credit score. Sign up for a credit reporting company like free score, true credit or a host of many others which you will find. You will learn a lot and become a expert in no time.
It is time you sought some professional advice from a CPA or an accountant. I would rent the homes and hold on to your assets. Just my 2 cents.