Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 1 year ago,

User Stats

75
Posts
9
Votes
Beau Alesi
9
Votes |
75
Posts

Advice Needed On Purchase/Loans

Beau Alesi
Posted

Sure you'll need a lot more info to advise but anything may help.

Own two houses. One a rental and one we live in. Have about $300k equity in one and about $150k in another.

Have HELOC on the one with $300k equity in the amount of about $30k

Have an opportunity to buy a short sale house for ~$430k. House has been appraised  for $690K.

The problem is getting the money for the down payment. 

Have been talking with friend of the family broker.

I make about $175k but still don't qualify for conventional mortgage.

He said I can get an investment loan but that would require 20% down payment and interest rate at about 9%.

I don't have liquid funds to come up with the $20%. 

I do have about $750k in my 401K and my wife $110k and we're thinking about taking the money out but then get penalized 33%.

My wife is not working anymore so she can't do a loan from her 401k and I already have one.

I may be able to take a loan out in that amount but not sure.

Any other suggestions on lending options for this mortgage that are not an investment loan with that crazy interest rate? 

If not then suggestions on most cost effective way to obtain the 20% down? Thanks.

Loading replies...