Posted on: 11th Oct, 2012 01:16 am
Hi there… I am working with a few friends as I want to buy a house as an investment. The target total price is around 1.2 and we have about 35% down. We will be able to find a person who has enough income to support the loan and who is willing to provide personal guarantee for the loan. Is there any bank of institution I can go to for this type of loan? Thanks!
You will have to contact the local banks and credit unions (if you're a member of one) and apply for a loan. The lenders will check your and the co-signer's income and credit situation and will let you know whether or not you'll be able to qualify for a loan.
Hi Litton,
This community has large number of lenders. If you wish you can seek a no obligation free mortgage quote from them and check out whether or not they can help you with a loan.
Thanks
This community has large number of lenders. If you wish you can seek a no obligation free mortgage quote from them and check out whether or not they can help you with a loan.
Thanks
Since you will be able to make 35% down payment and will be able to find a guarantor who has sufficient income, it will not be a problem for you to get a loan to purtchase a home which you want use as an investment property.
Though you can make 3.5% down payment and will be able to purchase the loan but you and all the partners must ready to take the loan and it is necessary that the co-signer that will have the heavy income must also be agree with other partners income.
[External linking deleted as per forum rules. Thanks.]
[External linking deleted as per forum rules. Thanks.]
Since you will can afford to make 35% down payment on the home loan and also can find a guarantor who has sufficient income, you will not face difficulty to take out a mortgage loan from the banks or the lending institutions in order to purchase home that you want use as investment. Also, check your credit score before you decide to take out a home loan. Keep in mind that you will only get loan approval if you have good credit score.
Since you can afford to make 35% down payment on the home loan and also can find a guarantor who has sufficient income, you will not face difficulty to take out a mortgage loan from the banks or the lending institutions while buying home that you want use as investment. Also, check your credit score before you decide to take out a home loan. Keep in mind that you will only get loan approval if you have good credit score.