By Admin on Jul 30, 2008 in Renting & Real Estate
Chris Y asked:
I have very little income coming in but i own two houses out right without any mortgages. Poor credit aswell. The house i want to get a mortgage on ( lower value house so smaller payment ) is a rental property and i’d use part of the rent to pay the mortgage so payment would be no problem. Would a bank need me to have good income coming in to do this or would the fact that i own the house outright with out a mortgage ever be good enough?
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I have very little income coming in but i own two houses out right without any mortgages. Poor credit aswell. The house i want to get a mortgage on ( lower value house so smaller payment ) is a rental property and i’d use part of the rent to pay the mortgage so payment would be no problem. Would a bank need me to have good income coming in to do this or would the fact that i own the house outright with out a mortgage ever be good enough?
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what you want is called a home equity loan, not a mortgage. and yes, the property IS the collateral.
GoldyLox1116 | Aug 1, 2008 | Reply
You could pull equity out of the house with a home equity loan, or you could show your rental income as income. I’m sure you’ll be able to get a loan.
Shana B | Aug 4, 2008 | Reply
why not just do a L2P or L2P wrap with the seller. You can then rent it out or even rent to own it without investing any of your money in case it does not work out you walk away.
bob W | Aug 6, 2008 | Reply