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Updated 7 months ago on . Most recent reply

Own a house outright & need a lender--is there ANYONE that can help?? PLEASE????
Here's my scenario.
My husband & I are renovating a house that we own outright (approximate worth is 350k).....we are interested in taking money to finish the renovation & also we have an interest in buying another investment property. (total approx 200k)
We cannot find anyone to loan us money (ok we tried like 2 places)---I just never thought this would be so difficult because we own a house outright & we are still getting turned down because of 2 late mortgage payments when my husband was injured & out of work for 5 months last year.
We both work and made enough money on our first flip to buy the 350k house outright.
I am a real estate agent & our area is very rural.
I am hoping I can connect with someone who may be able to help!
Are you out there? Thanks!!!!
Most Popular Reply

Hi Laura,
Late payments are tough. Do you have at least 1 year of on time payments? You likely could do a DSCR if it is an investment property. If it is your primary residence that can be more challenging. You may just have to wait until you have 1 year of on time payments.
- Elias Halvorson
- 808-517-6416
