Is there any way I could get a loan or mortgage?
September 17, 2009 12:47 PM Subscribe
Can I get a loan or mortgage in any way? We currently live in a building that we more or less own. Technically, we own an LLC, and the LLC owns the building (and that's all it does), so home equity is probably out. We would like to buy a new house about half the value of this one, preferably without selling. However, that would require a loan, and we have lousy credit.
posted by lgyre to work & money (8 answers total)
Details: Our current building is completely paid off. We are self-employed and our income is not impressive, but our expenses are low. I'm sure we could afford mortgage/loan payments, and we'd be happy to sell our current building to pay off the loan if for some reason we weren't able to come up with the money.
Our credit is pretty much non-existent because we don't have credit cards, house or car payments. We can't get credit cards at this point, as far as I can tell. We do have utility payments that we pay, but not always incredibly punctually.
Family members might possibly be willing to cosign. Would that be enough to do it, if they have good credit?
I'm not particularly frightened of high interest rates, I just want to know if there's any chance this could happen. If so, how can I tell reputable loaners from crazy internet scams, considering that we probably won't be dealing with a major bank (or is this an incorrect assumption?).