Posted on: 06th Sep, 2012 12:55 am
I and my wife own a small business which we run from our house. Now we owe since we bought it before the crash. We want to find a big home wherein we will be able to merge our business. As far as I know there is almost no way we can get another loan for the second home even though we know we can make the payments. Are there many people out there that would do long term land contracts/privately held mortgages? Does anyone have any other solutions that might work for us?
Hi nethan,
If you already have a mortgage on your first home, then, yes, it will be difficult for you to qualify for a new loan to buy a new property. You can look out for local private lenders and apply for a mortgage. They will help you know whether or not you can qualify for a loan.
Take care.
If you already have a mortgage on your first home, then, yes, it will be difficult for you to qualify for a new loan to buy a new property. You can look out for local private lenders and apply for a mortgage. They will help you know whether or not you can qualify for a loan.
Take care.
Hi nethan,
Though I agree with what Sara has said, I would suggest you that before contacting the private lenders, you should contact the local lenders and check out if they can help you with a loan.
Thanks
Though I agree with what Sara has said, I would suggest you that before contacting the private lenders, you should contact the local lenders and check out if they can help you with a loan.
Thanks