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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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Post subject: |
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pat, with a va loan, you may borrow as much as 100% of the purchase price of the home. "lower priced" housing is a difficult term to decipher, as it varies depending on location. but a va loan is not specifically designed for lower priced homes, but is limited in general - that is, no jumbo loan amounts.
if you're a veteran, and you have your certificate of eligibility and your dd214, you'd qualify (it would seem). of course, qualifying also requires that you have sufficient income in addition to your credit status.
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George M. Akerley
Loan Consultant
860-221-5044 |
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Mary
Guest
0.10 Dollars($)
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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 $66,000 that are paying bills for the 2 salons that I opened on May 1st. Revenue is beginning to flow but not enough to cover rents & payrolls as wwll as the bills. I owe 112,000 on my home & have an income of approx. 75,000 as a teacher. I need 40,000-50,000 to get time to build up these businesses. SBAs arent available to new businesses. |
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Mary
Guest
0.10 Dollars($)
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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: 7405
Location: bloomfield, ct
62.63 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 $40K.
i'd say it'd be wise to contact the small business administration - i sure hope you've got experience in the salon business.
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George M. Akerley
Loan Consultant
860-221-5044 |
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anonymous12345
Guest
0.10 Dollars($)
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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 Experts
Joined: 04 Jan 2009
Posts: 1172
175.80 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: 3738
Location: Alaska
561.45 Dollars($)
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Hi Guest!
Welcome to forums!
In my opinion, refinance would be a better option compared to second mortgage. If you take a second mortgage, you would become liable for two mortgages. A refinance will help you in paying off the earlier loan and you would get extra money due to the equity and pay off your unsecured debts.
Feel free to ask if you've further queries.
Sussane |
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surviving
Guest
0.10 Dollars($)
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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: 4291
Location: nevada
509.34 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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