Hi, I am looking into getting an investment property to start a business but right now i am unemployeed, is there any mortgage loans that i can get?

Asked by Steven Mobley, Atlanta, GA Tue Feb 14, 2012

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Don Tepper, Agent, Burke, VA
Wed Feb 15, 2012
Why would you want a conventional mortgage as an investor? Employed or unemployed?

As already noted, owner financing is one possibility. Others are acquiring a property "subject to." Or controlling a property with an option. (Lease-option or a pure option.) Or as an investor you could do wholesaling and not buy any properties at all--just put them under contract and then assign the contract for a fee.

Plenty of ways to acquire or control investment properties without worrying about qualifying for a mortgage.

Hope that helps.
1 vote
William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Thu Feb 16, 2012
No Frank-Dodd lender under their sun is going to lend you money. Switch to commercial-no lender in commercial world will lend you money unless you have mucho dinero. Switch to hard money: no income, no employment, no credit, no problem. You have to have about $5000 to start. Depending on what you do: buy a franchise, buy a mom and pop shop restaurant, multiple real estate property purchase etc, you may need up to an additional 10% of the sales price. Hard or private lenders are more focused on the property than on you. Go to bizbuysell.com and find a business that offers owner financing. Why work for someone else?
0 votes
Adrian Provo…, Agent, Atlanta, GA
Wed Feb 15, 2012
This can be an extremely daunting task, but it can be done. You would absolutely have to prepare a proposal which would show how you plan on repaying the loan, but I could put you in front of some people who can bring your dreams to light. Feel free to visit http://www.AdrianProvost.com and let me know if you need to speak with some people who can help you out financially or at least give you some professional advice.

Follow me and my company on Twitter!
@AdrianProvost & @RealEstate_NOW
0 votes
davidwbrower, , Woodstock, GA
Wed Feb 15, 2012
What would be your means to repay the loan? Banks don't normally give away money unless there is sufficient evidence of getting it back. Do you have other sources of income?
0 votes
KW Turtle Gr…, Agent, Decatur, GA
Wed Feb 15, 2012
You should definitely speak to a lender and they can walk you though your options, although they will be limited since you are currently unemployed.

We work with Keith Spain at LoanSouth. He has a few "outside the box" type programs right now that could work for you depending on credit score, assets, etc. kspain@loansouth.com

Best of luck!

Amy McDaniel
The Chuck Smith Group
0 votes
Keith & Kins…, Agent, Verona, WI
Wed Feb 15, 2012
Like Andrea said, your best option is probably owner (seller) financing. If you can find a property that will pay for itself it could make sense for you and a seller who may just be looking to get out of the business. Be very cautious though. If you don't have an income, please make sure you have a stash of money (an emergency fund) to cover any repairs that could pop up.
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Wed Feb 15, 2012
All mortgage loans programs require a verified job with sufficient qualifying income. If you are presently unemployed and have no other source of income, then you would not meet that criteria.

Other potential qualifying income could be Social Security, VA Benefits, Alimony, Child Support, etc. If you are self employed, you must be self employed at least 24 months and have 1-2 years of tax returns verifiying your self employment income. If you are a W-2 employee, you must be employed at your current job at least 6 months if there was a previous job gap of 6+ months.

No Doc loans where employment is not verified have been gone since 2007. All loans today are full doc.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference:  http://www.rodneymason.com
0 votes
Andrea Solom…, Agent, Stone Mountain, GA
Wed Feb 15, 2012
You may be able to get owner financing if you have a down payment and can proof that you can make the monthly payments. Please contact me I have a property that you may be interested in.
0 votes
Michael Hamm…, Agent, Suwanee, GA
Wed Feb 15, 2012
You may well be able to qualify for a loan, Smobley, as long as your credit and credit history pan out and you have (or can show) the ability to repay the lender. Please call, text or email if we might be of further assistance. Good Luck!

Michael Hammond


0 votes
Laquita Baez, Agent, Atlanta, GA
Tue Feb 14, 2012
You would need to speak with a mortgage lender for an answer to your question.
I can refer a qualified, reputable lender to you if you'd like.

LaQuita Baez
Better Homes and Gardens Real Estate Metrobrokers
5775-D Glenridge Drive Atlanta, GA 30328 (Perimeter Corporate Office)
Office : 770-901-0956
Cell : 973-687-7095
Fax : 678-542-3790
Email : findurhome@laquitabaez.com
Search for a Home : http://www.LaQuitaBaez.com
Youth Mentoring Program: http://www.touchalife-inc.org

Dream Homes ARE Within Reach!!!
Web Reference:  http://www.LAQUITABAEZ.com
0 votes
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