Financing in Pasadena>Question Details

Ursolution, Home Owner in Palmdale, CA

I have a rental property with equity. I have 1st mortgage and an equity line. Can I get a second mortgage even if I don't have good credit.?

Asked by Ursolution, Palmdale, CA Sun Jul 22, 2012

The value is about $750,000 and owe about 200,000.

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4
You are probably looking at a new first with cash out. The lenders who did 2nds pretty much got wiped out a couple of years ago.

Rich Littlefield
Mortgage Banker
949-297-1207
NMLS 287206
0 votes Thank Flag Link Thu Aug 15, 2013
You might want to look at a business loan instead of a traditional mortgage. The first is that you don't have to use your property as collateral. We have a very simple program that can provide you loans from $5,000-$250,000. A client that has investment property is in business. We also provide start up business loans therefore your client that wants to buy investment property is starting up a business. Although the loans are based on personal credit we do allow a cosigner. We do not require any financials. If you have any questions about our program please contact me.

Dominique Wilder
Universal Acceptance
The Business Finance Store
559-375-2512
dominique@emailua.com
http://www.UniversalAcceptanceCorporation.com
http://www.FindItAtMy.com
0 votes Thank Flag Link Tue Jul 24, 2012
We do cash out refinance on investment(rental) property with with scores as low as 620 . For below 620 there are programs available depending on eligibility criteria are met .
0 votes Thank Flag Link Tue Jul 24, 2012
Ursolution,
Depending on how bad your credit is, maybe. There are two general sources for an loan secured by property, conventional bank lender and/or mortgage brokers are one source that all work with stricter guidelines but offer the most competitive rates and programs and hard money lenders.
A hard money lender would look at your equity situation and consider loaning you some money. The terms from a hard money lender will vary greatly, so shop this carefully.
When I have a client with credit issues, it's easy to say no or refer them to a hard money lender, but the best solution for everyone is to take the time to work through why the credit is damaged and set up a plan to both repair the credit and set the client up for long term success. Too often people in your position will end up losing everything, including all that equity and the property attached if they don't resolve the issues that got them there. Consider meeting with someone to get an outside perspective on your whole circumstances so you can make the wisest choice.
0 votes Thank Flag Link Sun Jul 22, 2012
Ursolution,
Those scores may get you a loan, they are not that bad. Meet with a local lender and see what they can do. You may want to consider replacing your equity line, most lenders won't do a third position lien.
Flag Tue Jul 24, 2012
Thank you! I just thought you could get money out if you have a good amount of equity, my credit is 628, 638, 648
Flag Sun Jul 22, 2012
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