Own a house outright & need a lender--is there ANYONE that can help?? PLEASE????

[Laura Krukowski]

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!!!!

[Elias Halvorson]

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.