Updated over 1 year ago on . Most recent reply
Heloc loan or Conventional loan
I have a vacation home that has no mortgage and we are trying to pull out equity from it to purchase another property to use as a rental and vacation spot. We only have my husbands income, I'm retired and stay home to take care of my granddaughter. We cant seem to get a conventional loan on just one income. Our primary residence along with our vacation home is worth about $1.4 million, have a million in stocks etc.. credit score is 700+ How the heck do we get qualified for a loan? I know debt to ratio is a little high, but even when credit cards are paid off we still can't seem to get approved.. Any insights or ideas or advice is much appreciated.