Got 1 house, how 2 get second? - Posted by ace

Posted by ace on October 07, 2003 at 13:19:12:

Ohio. What is seasoning?

Got 1 house, how 2 get second? - Posted by ace

Posted by ace on October 03, 2003 at 12:32:11:

Basically, my situation is this. I purchased a house for 110,000, 100% financed. I invested 5,000 cash to fix it up, and now I estimae that I can sell it for around 130. I am currently un-employed, so a full-doc loan is out of the question. The loan for my current house though, was a no-doc. I’ve found properties that I’d like to own and rent, possibly just flip, for around 70k. What are my options. Can I pull equity from house 1 to buy #2. Will a bank again be willing to give me a no-doc? What about showing 75% of projuected rent as an income? Please, any ideas would be great. BTW, my credit score was about 700 before I bought the house. HELP!

Thanks

Re: Got 1 house, how 2 get second? - Posted by callitgood

Posted by callitgood on October 03, 2003 at 17:36:13:

yes, you can pull equity out of your home to put down as commitment on a purchase of a non-owner home, most lenders require ‘seasonoing’ on the property to pull out extra equity, there are a few company’s that will give un seasoned 2nd mortg. what state are you in?