Real Estate Home Mortgages/One more thing....(credit)
I forgot to mention, in case it is relevant to my question, that I have very good credit (in the highest percentage rate) and have no debt.
Further - the home I want to purchase is a horse property and I would be able to rent out 3 stalls at $1000/each.
Hope this helps offer more clarity to my previous question. Thank you. Sondra
Even in this case the lack of verifiable income to repay the loan is not addressed. The monthly payment on a $1,000,000 loan would be around $4000 a month easy and the down payment requirement would be no less than $100,000 to create a 10% equity position. Even if your rented out your current place and each stall that would only be $7,000 a month. You would probably be required to have around $15,000 a month in income to qualify for the loan.
Again I hope this helps...
Advisors Group International Inc
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