Question about a cash purchase and possible HELOC or equitWey loan.

Asked by Lori Chamberlain, Chicago, IL Wed Jul 25, 2012

I've recently learned that we don't qualify for a mortgage loan as our debt to income ratio is too high (we own a couple of investment properties and have a sizeable mortgage on our primary home). So, we are looking to make a cash purchase on a property. I was wondering if we will face the same difficulty in securing either a HELOC or home equity loan once we finalize the sale on this new property? We can only afford to look at "bargain" properties, so we'd like to not use up our entire savings between the purchase and any subsequent improvements. Thanks in advance for your advice :)

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Dominique Wi…, , Clovis, CA
Fri Jul 27, 2012
If you have good credit you a business loan might be an option for you. Because you are buying investment property it would be considered a business venture. The program is no income documentation and is based solely on your personal credit. You would also be able to finance any repairs, improvements and fee's so there wouldn't be any out of pocket. You are welcome to contact me anytime with questions.

Thank You,

Dominique Wilder
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Thank you for your input. That is very helpful and something I didn't know we could do. Our credit is very good so perhaps this will be an option. I don't want to borrow a huge amount, just enough to get new windows, floors and make some necessary repairs.
Flag Fri Jul 27, 2012
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