Posted by Chenel Moore on January 21, 2000 at 10:12:31:
Everything will depend on the equity and loan to value that you are at. How much equity do you have after you assume his mortgage? You can obtain a second mortgage or home equity loan easily if your loan to value against the property is not maxed out say 100% and if your credit score is 700 or above.
Lenders like to be secure with us investors so if you are in the 70% ballpark range with the 1st mortgage, maybe consider refinancing to a 90% cash-out investor loan, (if you can find one of those lenders who will do that type of loan).
Also if your bank will do that check with them to say if they do home equity loans on investment properties. Some do some don’t.