Posted on: 12th Aug, 2009 07:05 pm
Hello
I saw some of your answers here and thought some of you might be able to give me some advice if you wouldn't mind. You all seemed pretty knowledgeable.
I bought a piece of land outright worth about 300K (current mrkt value)
I built a house on the land and paid the builder about 700K outright
I have 0 debt on any of this
2 years ago when i put this plan together I had the ability to afford the project outright, however due to recent events in the economy I really need some of the money I put into the project back.
I have fair credit, however my income situation is not good. Is their a way to use the home, which just appraised for 900K as collateral for some type of loan? Where my employment situation will not have to be considered?
A no doc or no ratio maybe? Any advice or guidance would be major
Thanks
I saw some of your answers here and thought some of you might be able to give me some advice if you wouldn't mind. You all seemed pretty knowledgeable.
I bought a piece of land outright worth about 300K (current mrkt value)
I built a house on the land and paid the builder about 700K outright
I have 0 debt on any of this
2 years ago when i put this plan together I had the ability to afford the project outright, however due to recent events in the economy I really need some of the money I put into the project back.
I have fair credit, however my income situation is not good. Is their a way to use the home, which just appraised for 900K as collateral for some type of loan? Where my employment situation will not have to be considered?
A no doc or no ratio maybe? Any advice or guidance would be major
Thanks
check this out
http://www.mortgagefit.com/postdeal/about26137.html#113692
http://www.mortgagefit.com/postdeal/about26137.html#113692
Hi Colin,
In this economy, where most properties are going down in value, a 900k appraisal is quite good. There are no debts of the house, which means there's plenty of equity in it. You can surely use this equity to get a loan. However, the problem is your not-so-good income. The lender would want to know whether you can afford the mortgage payments before approving your loan application.
It's true that most lenders want to see you employed at least for the past 2 years to give you a loan. Given the depression in the market, a no-doc loan is almost extinct. But as far as I know, in certain areas the lenders are still offering such loans. Though, there are not many lenders who do so. I think it'd be worth a try, given the fact that you have a fair credit and plenty of equity in the property. You need to do an extensive search to find out such lenders. You may also go for a no-obligation free mortgage consultation with the lenders in this community. They will check your credit scores and assess your financial situation and will let you know if you can qualify for a loan with the income that you currently have. You will also get to know if any of them can offer you a no-doc loan.
In this economy, where most properties are going down in value, a 900k appraisal is quite good. There are no debts of the house, which means there's plenty of equity in it. You can surely use this equity to get a loan. However, the problem is your not-so-good income. The lender would want to know whether you can afford the mortgage payments before approving your loan application.
It's true that most lenders want to see you employed at least for the past 2 years to give you a loan. Given the depression in the market, a no-doc loan is almost extinct. But as far as I know, in certain areas the lenders are still offering such loans. Though, there are not many lenders who do so. I think it'd be worth a try, given the fact that you have a fair credit and plenty of equity in the property. You need to do an extensive search to find out such lenders. You may also go for a no-obligation free mortgage consultation with the lenders in this community. They will check your credit scores and assess your financial situation and will let you know if you can qualify for a loan with the income that you currently have. You will also get to know if any of them can offer you a no-doc loan.