Asked by Amirek, Fayetteville, AR • Mon Aug 13, 2012
The lenders we've spoken with all say the same thing (even the ones we've done business with for years, still have loans with, have never defaulted on or made a late payment)...they can't help us unless it's with an ARM mortgage. What we're wanting to buy is investment property. A single-family home, which we want to use as a vacation rental. We already have one vacation rental, and it's doing very, very well. We have no debt on that home. We also have a rental that pull in very little income because my mother is renting from us, but we own the home outright. We own our own home as well, and another home that we lease for more than our mortage/insurance/tax payment. We have plenty of assets, a trust, and other sources of income that aren't from employment. My husband and I are self-employed. We pay ourselves very little, putting everything we earn back into growing our businesses. How can we can obtain an asset-based mortgage? We really hate to miss an income opportunity.
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