Posted on: 25th May, 2010 07:57 pm
i , me n my fiance have 3 children together . we live in a 2/1 home. we need a bigger home. but currently own a home. which we just had a short refinance, we owed 146 now they sold it to us for 77. which is great. so the property is in his name he works i dont, i am a sahm. he makes on paper about 30k a year. but we also own our own business which is recenlty starting to pick up.we need a bigger home but dont want to give up this home . we have about 40k in equity, but how to get financed for the rest if he only works.we have been saving and from inheritance keeping money under the matress. we have enough to purchase another home. but how do we do so if its not in the bank. please help we dont know even know y we kept it that way.what should we do??
Many borrowers with self employment income find themselves in a similar situation.
First, kudos to you for the short refinance. They are very hard to get today, but if you were able to get it done, you are a winner in the game.
Second, I would suggest you look for a seller financed property if you want o buy right now. Find a seller who is willing to work with you if you have a decent down payment to give them. It's not easy, but there are sellers who will give deals on homes they can't sell.
As an example, the home next to mine is owned by the family of parents who passed away four years ago. The home is free and clear, but needs a lot.....and I mean a lot.....of work. It is over priced for the market today, but the sellers are willing to accept a deal from just about any borrower who would come to them and make an offer. No one will make an offer because of the work needed on the home, but it is a diamond in the rough for a handyman who might be willing to spend 6 months working to fix it up. This is the kind of property to be looking for.
Check with local real estate agents to see if they have any 'pocket listings' for properties like this. They will know what you are asking about.
Good Luck.
First, kudos to you for the short refinance. They are very hard to get today, but if you were able to get it done, you are a winner in the game.
Second, I would suggest you look for a seller financed property if you want o buy right now. Find a seller who is willing to work with you if you have a decent down payment to give them. It's not easy, but there are sellers who will give deals on homes they can't sell.
As an example, the home next to mine is owned by the family of parents who passed away four years ago. The home is free and clear, but needs a lot.....and I mean a lot.....of work. It is over priced for the market today, but the sellers are willing to accept a deal from just about any borrower who would come to them and make an offer. No one will make an offer because of the work needed on the home, but it is a diamond in the rough for a handyman who might be willing to spend 6 months working to fix it up. This is the kind of property to be looking for.
Check with local real estate agents to see if they have any 'pocket listings' for properties like this. They will know what you are asking about.
Good Luck.
sassy
although you have narrated your problem but it is still not very clear that whether you want to get mortgage from bank or you are looking for seller's only property.
If you are looking for mortgage loan from bank then there is lot of stuff i.e credit score,down payment,co-borrower etc. is required.and you need to furnish all these documents.
Secondly if you are looking for seller's property then bob has explained everything about it in his post,I need not repeat it.
:lol: :lol:
although you have narrated your problem but it is still not very clear that whether you want to get mortgage from bank or you are looking for seller's only property.
If you are looking for mortgage loan from bank then there is lot of stuff i.e credit score,down payment,co-borrower etc. is required.and you need to furnish all these documents.
Secondly if you are looking for seller's property then bob has explained everything about it in his post,I need not repeat it.
:lol: :lol:
Hi sassy,
Your husband can apply for a mortgage in order to buy a new home. As far as the money is concerned, you will have to deposit it in your bank account first. You can, then, use the money as a down payment to get a home loan for your property.
Thanks
Your husband can apply for a mortgage in order to buy a new home. As far as the money is concerned, you will have to deposit it in your bank account first. You can, then, use the money as a down payment to get a home loan for your property.
Thanks