Updated almost 17 years ago on . Most recent reply
The days of 100% commercial loans are over
My parents, who own 6 rental townhouses, have never had a 100% commercial loan. They always put 20% down on a house and let it ride from there. Their credit score is very good...about 805 and have tried to get 100% financing mortgages in the past. Never have they got one.
Now, I am a college student which means I don't have any adequate income and a job. I have money saved up in my saving account but a bank lender is not going to give me a loan if i don't have a job, is that correct?
All of these required a job:
Subject to
Lease option
Owner financing
Commercial loan
The people here at BP are wonderful! Very responsive and helpful and hopefully you guys can offer me some sort of solution to this because this is the only thing keeping me back.