How do I get a home equity loan on secondary residence with no job?

Posted on Oct 4, 2012 in Stated Income Loans

Question by MT: What are some lenders with the lowest mortgage rates for Colorado?
I am looking for a FHA 30 fixed loan and want some lenders with the lowest rates. It is usually around 6% but if you have a lender that can offer lower I want to know. Please only Colorado lenders because each state has different laws.

Best answer:

Answer by George
Unless you have a fixed-rate mortgage, viagra order store the current mortgage interest rates are very important to deciding how much you should pay every monthcompanies offer different interest rates so it is a good idea to shop around for the best deal before settling on one particular lender.

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no equity home loan
by bill barber

Question by Carl W: How do I get a home equity loan on secondary residence with no job?
I’m currently layed off work, there its only temporary, and I still have all my bills are paid, and good credit. I also have a vacation home with tons of equity. I want to get a small home equity loan, but have been having no luck.

Every lender wants me to be either currently employed, and/or have the property be my primary residence. How can I find a way around that? I just need a small loan, and there is way more than enough equity to cover it.

Best answer:

Answer by GVD
There is no way around it. No job, no loan. No one is going to let you cash out on a second residence without income. There is nothing that would prevent you from taking the equity out and then defaulting.

You don’t seriously believe you can get a mortgage without a job do you?

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2 Comments

  1. You don’t. No lender will give a loan to someone with no way to pay it back.

  2. Not a chance. You must be employed. And home equity loans (HEL/HELOC) are only available on primary residence. Consider renting out your second home for income, or at least cover all its expenses. Or sell it, if you can.