Oh man am I glad I found this site! I am hoping you all can offer me some sound advice on what my best options are. I want to buy some property. I have exactly 10 days to come up with $50,000 or it is a no deal. I own my house outright…no mortgage… I plan on putting manufactured home on new property and opening my business there. I plan to sell this home i am in now within the next few months after doing the much needed repairs.
I was leasing property from which i had been conducting business but that went very far south and I have had to shut my business down until I can relocate. So in other words currently not working.
My house that I have right now is in need of some repairs, nothing major, things like new carpet, new flooring in kitchen and back yard needs to be cleaned up and new fence. I have not had the house appraised, however the estimated value of the house is between 289,000 and 306,000. What would be my best option. I only have 10 days to get this together.
Key Bank gives home equity loans, no job, just need a 620 score. But they don’t lend everywhere.
Or you could get a regular cash-out mortgage, on a “no documentation” loan (no income, no assets, no job) on your home, if you act now you can likely get it done within 10 days.
I live in Northern California. The property is in oregon. My credit score is only 520. I looked into doing a cash out for the amount of the property and enough to put a manufactured home on the property. I am reluctant to do that because of the 1,200.00 a month payment I would have until my house sells. Would it be better to do a cash out for just enough to purchase the property and then look for a longer term loan for the manufactured home? Since it will take at least a few months before I can in fact relocate and open my business, I am trying to avoid any large monthly costs untill i have money coming back in.
Well if you take out money, unless it’s a reverse mortgage on your home in NorCal (requires you be a certain age, etc.), you are going to have a payment on borrowed funds. Some people choose to borrow more than they actually need, to allow themselves to service the debt, but lenders don’t particularly like you paying their payments with money you borrowed from them… it’s pretty risky.
With a 520 score, no job, you are going to need a hard money loan of some sort in order to accomplish what you need to, I believe. Since your home has a tremendous amount of equity for the amount you need to borrow, getting a hard money loan shouldn’t be too difficult. The terms on hard money aren’t great though, double digit rates and plenty of fees in most cases. If there is a Citizens Bank around you they could be worth a shot as well, they hold a lot of their paper and have some flexible guidelines.
Another issue is getting financing for the manufactured home in Oregon with a 520 score and no job. If you are looking to build a manufactured home, manufactured home construction loans are available but you’ll need some score improvement and employment to qualify in my opinion. Modular home construction loans are available through Bismark Mortgage, but they require a 540 score, it has to be modular (not manufactured), and you still need a job. If you are going to buy a manufactured home after you purchase the property with the $50k you are looking for, you are still going to need credit improvement and a job in my opinion, I’m not familiar with perm. financing options for manufactured homes so hopefully someone else will chime in… on that and with any other advice for your situation.
So I might as well just go ahead and borrow enough to purchase the land and the home as well? And pay off the loan as soon as my house sells? The lenders I have talked to have been willing to do that. I just want to be certain that I don’t get myself into a tight spot. I wasn’t sure if there was a better way to go around it. I was also concerned about not having the time to do the repairs on the house i am in now before having it appraised. But I guess that really shouldn’t be an issue. Thank You all you have been a great help. It is next to impossible to find sound advise out there. You folks here provide a great service to people like me.
If you have to buy the new home prior to your current home selling, then yes, I’d say borrow it all at once (you are going to have to borrower for the new home anyway, right?). If you don’t have to buy the new home without selling your current home, then only borrow what you need to buy the land, then when you sell your current home you’ll have enough money for the new home.
I may have the answer for you 