Advice on No Doc/No income rental loans.....
Hi community,
I have a question re: the best way to tap into my equity or find cash for 20% down payment, without the requirement of proof of income or tax return. A little about my RE background.... I purchased my first home in D.C. back in 2013 as a primary. I have since done a full demo and renovation, converting it into a rental, two 3BR units and have some cashflow, but not long enough to qualify for the traditional W2/income loans. I have spoken to DSCR lenders who can possibly help me finance the home but still need help with the 20% down payment.
Tips: I have about 200k+ in equity. Also, I have good credit.
Goal: To get some money for 20-25% down payment for a rental investment using home equity or other ways, which is where I need help. I prefer lenders or options without interest rates that are overwhelming or too high.
I am still learning so please be kind and/or resourceful with your comments. Thank you so much.
Most Popular Reply
@Elina Aske- most lenders will want the returns.....some ideas 1) ask the present lenders you have to see if they can offer any heloc options that dont require much documents 2) ask the banks you have relationships with the same question 3) are you adverse to having a co borrower involved 4) leverage / borrower against other assets like 401k / retirement / car or savings 5) perosnal unsecured loan ......good luck