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Updated over 10 years ago,

Account Closed
  • moon
0
Votes |
4
Posts

What are my options? First Deal

Account Closed
  • moon
Posted

I want to purchase a property in the Chicago area with my father as co-signer and rent out the one we currently live in.

-both of us have excellent credit. however he is self employed and the income we show on his tax returns is very low so can't qualify for a traditional mortgage

-i dont qualify for a home equity loan or mortgage due to insufficient work history

-property we live in currently is paid off free and clear worth about 80-100k

-want to purchase a new home in the 120-150k range

-have around 50k for down payment ready

-What are our options realistically? will any banks give me a home equity loan? smaller credit union? hard money lender?

any suggestions are appreciated!

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