Can I get a home loan for renter’s income being unemployed?
Posted in Renting & Real Estate on 10/04/2009 01:09 pm by admin
Chris asked:
Due to the down economy I was laid off from my job. This is happening everywhere but I was wondering if I could still get a second mortgage as a type of “rental income”. I currently own a home, well still have a mortgage. But are lenders still willing to give out loans to people who are unemployed but yet looking to make a second source of income from rent. Or could I pull out a line of equity on my current home? Please give me some advice
Due to the down economy I was laid off from my job. This is happening everywhere but I was wondering if I could still get a second mortgage as a type of “rental income”. I currently own a home, well still have a mortgage. But are lenders still willing to give out loans to people who are unemployed but yet looking to make a second source of income from rent. Or could I pull out a line of equity on my current home? Please give me some advice
(reason I ask: Found a steal on a home appraised at $99,000- selling for $30,000)
ORLANDO