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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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pat, with a va loan, you may borrow as much as 100% of the purchase price of the home. "lower priced" housing is a difficult term to decipher, as it varies depending on location. but a va loan is not specifically designed for lower priced homes, but is limited in general - that is, no jumbo loan amounts.
if you're a veteran, and you have your certificate of eligibility and your dd214, you'd qualify (it would seem). of course, qualifying also requires that you have sufficient income in addition to your credit status.
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George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Mary
Guest
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Post subject: can i get a 2nd mortgage |
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| I am presently investing in hair salons as an owner. I have invested my life savings & now I need more cash for payroll. I have credit cards totaling $66,000 that are paying bills for the 2 salons that I opened on May 1st. Revenue is beginning to flow but not enough to cover rents & payrolls as wwll as the bills. I owe 112,000 on my home & have an income of approx. 75,000 as a teacher. I need 40,000-50,000 to get time to build up these businesses. SBAs arent available to new businesses. |
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Mary
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Post subject: trying to acquire 2nd mortgage |
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| recently i purchased 2 hair salons investing my life savings into the start up of them. I now need cash for payroll, rents & various other bills that wont take credit cards as payment...i owe 112,000 on my home that i pruchased ayear ago for 142000; i have an income of 75000 as a teacher; i owe on credit cards - personal & business approx. 63,000; i would to get 40000 to keep the salon alive as they start to bring in revenue; is this possible |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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sorry mary, but your timing could have been better. using your "life savings" was probably a bad move. it would seem you lack equity to take enough money out of your home at this time, and your lack of cash flow certainly isn't going to convince someone to lend you $40K.
i'd say it'd be wise to contact the small business administration - i sure hope you've got experience in the salon business.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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anonymous12345
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Post subject: Down Payment on a home |
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Hi Jessica:
I have 85K saved for a down paymment on a 650K home. The consensus among lenders is that I would be better off coming up with 45K more in order to make a complete 20% downpayment. Would it be a good idea to to take out second mortgage mortgage or a HELOC on my current home (which I plan to rent out) to come up with the 45K.
What is the best option if I want to go ahead with buying a home at that price?
Mike |
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eric1
Community Expert
Joined: 04 Jan 2009
Posts: 1511
226.91 Dollars($)
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surviving
Guest
0.10 Dollars($)
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Post subject: Reinancing and Equity |
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| I am in the process of refinancing and have discovered I have equity, I have high interest rate credit cards. Would you recommend a second mortgage or heloc. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Hi Guest!
Welcome to forums!
In my opinion, refinance would be a better option compared to second mortgage. If you take a second mortgage, you would become liable for two mortgages. A refinance will help you in paying off the earlier loan and you would get extra money due to the equity and pay off your unsecured debts.
Feel free to ask if you've further queries.
Sussane |
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surviving
Guest
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Post subject: Refinance |
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| I'm not sure I explained myself correctly. In the process of applying for a refinance loan to lower my monthly payments, I discovered I have more equity than I thought. Realizing this I wonder if I couild use this money to pay off credit cards, however I don't know how to go about this. Should I take this money as an equity line of credit or take out a second mortgage or home equity loan? I would like to make a decision soon before the refinance is complete. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi Guest,
As you want to pay off your credit card debts, I think a home equity loan would be a better option for you. However, the equity in the property will not help you in getting the loan, you should also have good credit score and a stable income for the same.
Thanks. |
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conniepropst
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Post subject: home equity |
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| why can't i take out a home equity loan on a house i rent out |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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| You'll be able to get a home equity loan if your property has any kind of equity in it. Does your rental/investment property has any kind of equity? |
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Anita C Piliero
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Post subject: secound mortgage to pay off credit dards |
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| Yes, we did it, the credit card people herrassed us so badly, we took and put up our home for a secound morgage. Now we can't afford it and we are paying so much amonth the payments are more that the house is worth. What to do?? |
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djmoz123@yahoo.com
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Post subject: refinance exist loan lower rate and borrow 2nd mortgage |
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| I have home, only owe $37,000. interest rate is 8.75. Want to refinance at lower rate and borrow to purchase 2nd home at same rate combined with 1st mortgage. |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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To Anita,
If you are unable to pay the second mortgage dues, the lender will have the right to foreclose the property or charge off your account to a collection agency. Both will affect your credit report. As you are unable to pay the mortgage dues, you should contact your second mortgage lender and apply for a loan modification.
To djmoz,
If you want to buy a second home, you will have to use it as a collateral and get a mortgage on it. Moreover, lenders are generally not ready to give you a mortgage to buy a new property if you already have a mortgage.
As far as your first mortgage is concerned, you will be able to refinance the loan depending upon your financial situation and credit report. You should only refinance if you are planning to stay in the property for a long period of time.
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Good is the Enemy of Great. |
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