i own a house not one penny owed and taxes are current nothing owed.im only 19 ive never owed anything or applied for credit so i have no credit history.i also own a small masonry buisness i paid 169000 for house and invested 40000 in my buisness equipment and etc.1st year was 06 was very slo getting started only did 3 jobs but this year ive done 2 already i dont have anyother income except self employment and i dont know anyone who can co-sign a loan and i need one for bout 60000.how can i get a loan or mortgage using my home as colateral or what ever you call it?can anyone help with ideas?
2007-02-13 05:52:49 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
find someone who does manual underwriting or a good credit union in your area. Someone who looks at a person instead of some stupid FICO score. You will be able to get the loan, just persevere to find the right one.
2007-02-13 06:01:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
With no credit scores, getting a mortgage with no income verification is going to be tough. Every mortgage product that allows you to avoid verifying income is based on your credit and collateral. No credit makes that hard.
But, considering you have so much equity, a local bank or credit union could be a good place to start.
Worst case, you could find a "hard money" loan. Max of 65% of the value of your home, no normal foreclosure protections like you'd have with a bank mortgage, and it's extremely risky, so avoid this at all costs, unless you simply have to do it to survive.
Meanwhile, a local credit union can help you begin to establish credit, with some small accounts with them. Possibly a couple secured credit lines, for example. With 1-2 years of good credit on your credit report, you'll have 100 more doors open for you next time you need financing.
2007-02-13 06:08:05 · answer #2 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
they're appropriate in that that's typical prepare. There are oftentimes lenders that acquire mortgages and there are lenders that service mortgages. the acquisition corporation is the corporation you close up with; the corporation you're able to make your first fee to. They acquire the underwriting and shutting expenditures, yet do no longer choose the subject of servicing the indoors maximum loan. They then sell it to a lender that centers loans. That corporation will service the indoors maximum loan and convey at the same time the activity and any applicabe costs (alongside with previous due expenditures, and so on). All of that's finished based on the agencies skills and desires; some agencies acquire and not service, some do no longer acquire yet service.
2016-11-03 08:44:17 · answer #3 · answered by ? 4 · 0⤊ 0⤋
You own a home outright at 19 and had 40k to start a business, and you're wondering where to go for more? Just do whatever you did to get all that money in the first place. It was pretty dumb to pay all cash for your house with mortgage rates so low. You could've invested the money and done a lot better.
2007-02-13 06:04:20 · answer #4 · answered by Cardinal Rule 3 · 1⤊ 0⤋
You may be able to get a HELOC. It is like having your own bank, great for business owners. You could check with a mortgage broker for that. I know of some if you need referrals. Also, you may be interested in this new program. It works well with a 30 year mortgage. I am currently using a HELOC with a new software program that helps build equity fast, and will payoff my home in less than half the time without refinancing, and without extra payments. It is saving me thousands in interest, and pays off home in less than half the years. E-mail me if interested.
2007-02-13 08:23:52 · answer #5 · answered by marshae 1 · 0⤊ 0⤋
Talk to a couple of different mortgage loan places about what they can do for you. Your in good shape to do some competitive shopping for good interest rates, they would probably look at the home you already own as collateral since there are no loans or liens on it.
2007-02-13 06:02:26 · answer #6 · answered by Amy V 4 · 0⤊ 0⤋
yes you just finance it. call a mortgage broker in your area. You will need your last 2 rears bus. lisc. and 3 other bills you pay ( electric, gas insurance etc.) You can get a manual underwrite done and get the cash out you need. Get at least 30k set up your emergency fund as you will still have some lean times ahead
I am a mortgage broker in TN & KY
2007-02-13 06:03:11 · answer #7 · answered by golferwhoworks 7 · 0⤊ 0⤋
You need a hard money loan; the interest is a little higher but it would get you going. For more information, fill out the free evaluation form at
www.totaldebtsolutionsllc.com
2007-02-13 10:19:10 · answer #8 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋