I want a loan for a rented out section 8 property for 36000. Is that possible.
2007-06-29 09:19:21 · 6 answers · asked by hayes271 1 in Business & Finance ➔ Renting & Real Estate
They probably wont give you a loan if you are umemployed at the time of applying for a loan because their concern is how will you pay it back to them and who knows if you will find a job in a timely manner. However, if you are able to contribute 20% of the cost of the home and have enough liqiud assets they may consider it.
2007-06-29 09:28:23 · answer #1 · answered by natural_beauty 2 · 0⤊ 0⤋
Possibly, they have loans called Nina loans - No income, No assetts...basically they look at your credit history only - so if your credit is good, then you might be able to pull it off (they don't look at current job, current bank accounts, past two year tax returns...none of it). There could be restrictions on it being a rental and the size of the loan...probably guessing it can't be done.
2007-06-29 09:29:22 · answer #2 · answered by BryanK 1 · 0⤊ 0⤋
Do you have a down payment? How's your credit? Do you have cash reserves? Do you have debt? With the right answers to these questions, you could get a loan. Call a mortgage broker and find out.
2007-06-29 09:25:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Possibility if the income from the place, is greater than the cost of the mortgage plus taxes, and insurance, and the property appraises well.
2007-06-29 09:58:08 · answer #4 · answered by Pengy 7 · 0⤊ 0⤋
If you have great credit it could be possible. If you have money to put down, it could be possible. Best thing.... call the bank, or several banks for that matter...
2007-06-29 09:24:01 · answer #5 · answered by realtorsanantonio 1 · 0⤊ 0⤋
Probably not
2007-06-29 09:31:38 · answer #6 · answered by Kathleen M 4 · 0⤊ 0⤋