Posted on: 16th May, 2009 01:06 pm
Hi,
Let me explain my situation. We owe the bank about $350.000 on my primary home. we want to invest in a second house and the bank won't allow us to get any more loan, so we had to pay in cash. Now that we bought that second home and put it up for rent. Everything goes well, so we think investing in home right now is a good idea (economy...). Now we want to buy another (third) one, but now we don't have any money (we used all our money to buy the second home). Do you know any private companies where we can get a mortgage to buy this third house? The rate might be higher (5.0% to 10.0%) and that's ok.
Thank you.
Let me explain my situation. We owe the bank about $350.000 on my primary home. we want to invest in a second house and the bank won't allow us to get any more loan, so we had to pay in cash. Now that we bought that second home and put it up for rent. Everything goes well, so we think investing in home right now is a good idea (economy...). Now we want to buy another (third) one, but now we don't have any money (we used all our money to buy the second home). Do you know any private companies where we can get a mortgage to buy this third house? The rate might be higher (5.0% to 10.0%) and that's ok.
Thank you.
Only loan probably you can get would be FHA and with 3.5% down payment and pretty good interest rate.
They also have MIP (PMI). Probably it needs to yoru primary residence.
They also have MIP (PMI). Probably it needs to yoru primary residence.
Hi hoomie,
It would be difficult for you to get loan for buying your third home. You can contact the private companies and check out the type of rates and terms they are offering you. However, you are correct that rates would be quite high for such loans. It will also depend upon the credit score that you have.
Thanks
It would be difficult for you to get loan for buying your third home. You can contact the private companies and check out the type of rates and terms they are offering you. However, you are correct that rates would be quite high for such loans. It will also depend upon the credit score that you have.
Thanks
@realgeni: please note that i'm asking for a second mortgage. i already had a first mortgage and payment for that mortgage is about 90% of my income. i'm self-employed and i can only prove about $40.000 in gross income. so i don't think i'm qualified for fha.
@jameshogg: what private companies have you worked with and/or suggested? please post a website so i can check their credentials (sorry to ask that because i received many answer providing only an email which is obviously scam). thanks.
my credit is above 800.
@jameshogg: what private companies have you worked with and/or suggested? please post a website so i can check their credentials (sorry to ask that because i received many answer providing only an email which is obviously scam). thanks.
my credit is above 800.
Hi hoomie!
Welcome back to forums!
You should be very careful about the online offers. Many a times they turn out to be scams. I appreciate that you researched on the offers you got through your email and took the right steps.
I would suggest you to speak to the private lenders of your area and check out the rates they are offering. It would be better if you could research on them, speak to their customers and then decide whether you would go with them or not.
Sussane
Welcome back to forums!
You should be very careful about the online offers. Many a times they turn out to be scams. I appreciate that you researched on the offers you got through your email and took the right steps.
I would suggest you to speak to the private lenders of your area and check out the rates they are offering. It would be better if you could research on them, speak to their customers and then decide whether you would go with them or not.
Sussane
My mistake Hoomie
Depending on your location, there are still No Income Verification programs available. You can use this loan program to pull the cash from your Rental property for the new purchase. I hope this helps...
