Need Creative Ideas On Financing 2nd Home - HELP
Hi Everyone,
My husband and I are working on moving to GA. Fortunately or unfortunately, I have found a foreclosed upon home (post-judgement) that appears to be exactly what we want - like forever. It is a fixer-upper, which is why the home has sat for 6 mos with no buyer. I didn't want to find a new home for us so soon, but there it is.
Here are the specifics to my question: our home is not yet on the market (will be in January), neither of us has a job in GA yet, so a bank would have to look at our current jobs and look at this new home as an investment/2nd home. I'm thinking financing for this may be tough!
Us, in a nutshell:
Credit scores - awesome
Income - around 40,000/year, not including rental income
Rental income - $9,000/year (we'll do 1031s on these and keep the income comparable)
Car loans: none
Student loans: none
Our current home value: $90,000 (40,000 in equity)
Home we want asking price: $90,000
Down payment we have: $10,000
What do I have to do to make us look as good as possible when asking for a loan on this house?
do I mention we will be selling our home?
does anyone know a good fixer-upper lender in N. GA?
should I go to GA first and get a job (have discussed this, it's a last resort, we are willing to do anything to get from A-B, in investments)
Thanks much for any advice you can offer us. My wheels have been turning for a week.
-Grey
With your great credit/income picture you shouldn't have any trouble getting a loan right now.
BUT, you may need to put this with a pvt investor as the lender until you get re-established in GA.
I do this kind of deal constantly with my investors and get calls daily from borrowers who need me on my terms as interim loans... while they're waiting for their good loans from banks, etec.
Thank you - that's reassuring!
We're thinking what we may do (and it will be hard) is for one of us to get a job in GA first, so income in the state is there. It would only be temporary and hopefully would ease the transition.
First of all, you can get bridge loan, if you need to put down some money on the new house.
2nd of all, you don't need to buy it as an investment property at all.
If you have good credit, you don't not need a job to buy a property.
How bad is the codition of the house? If it is just cosmetic, you can buy it and fix it with bridge loan proceeds.
You can call us at 7708221700 to discuss your situation, if you want. We can use some advise from you too, since we signed a contract to buy a lot in St. Petersburg.