Message
Anonymous wrote:What we did is we sold and rented back for a few months until we found a new home - you could do that, no?
We could do that but I'm afraid we'd be forced to purchase a house we weren't in love with.
See above...I edited my post.
Yes, we own the home outright.
The upkeep on it is getting a little bit much, as it's a large house.
We need to buy a smaller one for about 850, and we intend on making a profit.
But we can't buy a home without selling ours first, because no lender will give us an 850k loan to purchase a new house before we sell the home we're in now due my husband's current income level.
So, I was asking if anyone had done a hard money loan, or some other kind of loan that is determined on the home's equity and not on income.
Yes, we own the home outright.
The upkeep on it is getting a little bit much, as it's a large house.
We need to buy a smaller one for about 850, and we intend on making a profit.
But we can't buy a home without selling ours first, because no lender will give us an 850k loan to purchase a new house before we sell the home we're in now due my husband's current income level.
So, I was asking if anyone had done a hard money loan, or some other kind of loan that is determined on the home's equity and not on income.
We don't want to rent and have to move twice. We're still young and have kids...we want a yard, etc. We owe nothing on our current home...it's all paid off, so I would rather put that money into buying a house. I realize I maybe didn't explain the situation clearly. We are finding ourselves unable to buy a house without selling the one we own first, and we can't get a bridge loan because of our income situation. We're trying to find some kind of loan that is based on our home's equity and not our income. Anyone done anything like that before?
The past few years have been rough and my husband has had to job hop (he's in sales). We're struggling financially and want/need to downsize into a smaller home, but to get a mortgage you have to have to have two years of the same employment PLUS have a good credit score...neither of which we have, unfortunately.
What we're looking for in our desired area is a unicorn and only a handful of houses come up on the market each year that we would consider.
If we sell before purchasing another we will have no where to go.
We own 100% equity in our current home, so we're what you would consider extremely house poor. House is worth about 1.1.mil
Would you recommend getting what they call a "hard money loan" based on the equity of the house instead of income?
If so, who is the best company to work with?
What we're looking for in our desired area is a unicorn and only a handful of houses come up on the market each year that we would consider.
If we sell before purchasing another we will have no where to go.
We own 100% equity in our current home, so we're what you would consider extremely house poor. House is worth about 1.1.mil
Would you recommend getting what they call a "hard money loan" based on the equity of the house instead of income?
If so, who is the best company to work with?