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Updated over 7 years ago,

Account Closed
  • Bronxville, NY
1
Votes |
6
Posts

financing my first fixer-upper out of state sans job

Account Closed
  • Bronxville, NY
Posted

My partner and I wish to move out of state and purchase and live in a fixer-upper.  I have great credit (800+) and enough assets to potentially purchase a home without a mortgage. However, I would prefer to go the traditional mortgage route and keep my primary residence as a rental property (and fall back plan).  After speaking with JPM Chase yesterday about pre-qualification, it seemed clear that without proof of employment or a job offer, the bank will not issue a mortgage.  My intention is to start flipping homes full-time as a business. I would like to get started out of state without having to find traditional employment.  I'm wondering if there are any banks that would loan without employment if they have proof of assets.  

Also what would be the benefits/consequences to calling it a second home? Or investment property? Higher interest rates, no tax write offs etc...

Thanks.

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