I want to buy a house for 10,000-could I borrow more than it's worth?

Asked by Breannalp, Salisbury, MD Wed Jul 11, 2012

The house was appraised at 50,000 but I think the sellers are eager to get rid of it. I would like to borrow between 24,000-25,000 so I can buy this place and fix it up, but also fix up the home we already live in so we could rent it out. What are my chances of getting this and what can I do to help everything go smoothly?

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earthlyparad…, Both Buyer And Seller, Oxford, OH
Sun Jul 28, 2013
look into hard money lenders if the deal is right y may get funding here is a website you can look into http://www.privatemoneylenders.com for further assitance with your house shoping needs my name is lord burney contact info is 8139194023 email is earthlyparadise6@yahoo.com im a real estate investor
0 votes
Dominique Wi…, , Clovis, CA
Sat Jul 28, 2012
We do business loans for our clients that are currently in business or wanting to get started in business. Real Estate investors are in business therefore they are able to obtain a business loan. Depending on your goals one program we offer may benefit you. We offer a no document business loan, no collateral on the property as it is a business loan and you are able to finance 100% or more. Many of our investors finance the repair/upgrade costs into the loan. The loan is based completely on your credit. You must have a 620 or above to apply. Some of the factors we consider is the length of your credit history, how much available credit, how many recent accounts have been opened etc. We need to prove your ability to repay the loan based on your personal credit. You are welcome to contact me anytime with questions.

Dominique Wilder
Universal Acceptance
559-375-2512
0 votes
Roland Vinya…, Agent, Sprakers, NY
Thu Jul 12, 2012
It may mean a separate mortgage on both homes and double expenses for you until the remodeling on both places is done and you get a tenant. You want to make sure you can afford it. I think your question could best be addressed to a competent mortgage broker. On the new home, you can get a 203K loan.
0 votes
Richard Bour…, , Columbia, MD
Thu Jul 12, 2012
Unfortunately, the rules are such that you can't get an cash out of the equity in a new home for six months after the purchase. So with most lenders, you'll have to buy it and wait. However, I have heard of a program that SECU (State Employees' Credit Union) has that allows you to borrow 75% of the appraised value regardless of the purchase date. You have to qualify for membership, which is actually pretty easy if you've gone to school in Maryland, work for the state, have a relative who is a member, etc. Go to their website to see the qualification criteria. I can't guarantee that this program still exists, but it's worth looking into. I wish you the best of luck.
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