I have a question re: the best way to tap into my equity or find cash for 20% down payment, without the requirement of proof of income or tax return. A little about my RE background.... I purchased my first home in D.C. back in 2013 as a primary. I have since done a full demo and renovation, converting it into a rental, two 3BR units and have some cashflow, but not long enough to qualify for the traditional W2/income loans. I have spoken to DSCR lenders who can possibly help me finance the home but still need help with the 20% down payment.
Tips: I have about 200k+ in equity. Also, I have good credit.
Goal: To get some money for 20-25% down payment for a rental investment using home equity or other ways, which is where I need help. I prefer lenders or options without interest rates that are overwhelming or too high.
I am still learning so please be kind and/or resourceful with your comments. Thank you so much.
Yes, interested in accessing my equity for a 20% down payment for a property in NY or MD. Also interested in other options, as I'll need 100k+ for the 20%. It was purchased as a primary in 2013, now a rental.
@Elina Aske the actual amount of equity is not as important as the % of equity. What is your current property worth....and how much of a loan do you have on it? That will help us provide the best advice.
@Elina Aske the actual amount of equity is not as important as the % of equity. What is your current property worth....and how much of a loan do you have on it? That will help us provide the best advice.
Thanks Andrew! The home value 985k, and the loan amount on it is 460k.