A second mortgage is quite simply a loan taken after the first mortgage. There can be various reasons to take out a second mortgage, such as consolidating debts, financing home improvements, or covering a portion of the down payment on the first mortgage to avoid the property mortgage insurance (PMI) requirement.... more
ANYONE LOOKING FOR LA VERNIA HOME WITH 11.81 ACRES THERE ARE TWO HOMES A 2000 SQ FT BRICK HOME , A MANUFACTURED HOME BOTH GREAT CONDITION WITH IRRIGATION WATER WELL , PUBLIC WATER SYSTEM , HORSE STALLS , FENCE CROSSING , PLENTY OF MATURED TREES.. GREAT INVESTMENT ALSO FOR BUSINESS MLS # 1081035... more
Is the owner willing to do owner finance? Because if your credit is not good you would not qualify for a loan and this might be the best way to go. If the owner will let you work with a real estate agent to help you through the process it would be better.
Kay Kirby, Realtor
9514 Console Dr. Suite 103
San Antonio, TX 78229
Phone: (210) 377-0300
Fax: (210) 377-0018
Email: email@example.com... more
Thanks for asking about Elmendorf, TX! But, I'm located in Houston...I think you would be closer to Elmendorf than I.
Have a great day and thanks for the question,
Lee Sloan, Lone Star CRS
If this one time event is behind you, and you now show a willingness and capacity to pay a mortgage then your chances are pretty good.
Most lenders are requiring a 620+ FICO score. Although there are lenders going below that, the rates are higher and the underwriting is more strict.
Here is a free e-book about credit that I compiled. Let me know if you have any questions.