Posted on: 01st Apr, 2010 09:24 pm
hello, i would like to get a home equity loan of about $60,000. i own a home that is worth around $200,000 with zero mortgage. the problem is, i have been unemployed for the past two years. i have another rental property that is worth around $75,000, and produces rental a gross rental income of $750.00 per month. i do have other income monies, like child support that sustain my standard of living (i am very modest).
i would like to get a home equity loan in order to purchase another rental unit. can these be done in the current credit climate? i have a credit score of about 724.
i would like to get a home equity loan in order to purchase another rental unit. can these be done in the current credit climate? i have a credit score of about 724.
Hi Guest,
With no employment right now, it will be quite difficult for you to qualify for a loan. Lenders won't be ready to give you a loan though you have equity in the property and a good credit score. However, as you've a rental income, I would suggest you to have a word with the local lenders and check out if they can help you. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will let you know whether or not you would get a loan.
Thanks
With no employment right now, it will be quite difficult for you to qualify for a loan. Lenders won't be ready to give you a loan though you have equity in the property and a good credit score. However, as you've a rental income, I would suggest you to have a word with the local lenders and check out if they can help you. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will let you know whether or not you would get a loan.
Thanks