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Updated over 10 years ago,
What are my options? First Deal
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!