I'm looking for a mortgage loan for an apartment i'm looking to buy to use solely as a rental property. It's priced at $210,000. I want a 15yr mortgage, not a 30yr.
I already have an existing mortgage on my primary residence. House is worth $900,000 and mortgage about $475,000. But I only own 25% of the house. My brother and two cousin's own the other 75%.
I have a credit score of 700+ but I only make $17,000 a year. However I got $80,000 cash, $22,000 401k, $25,000 worth of gold in my safe deposit box.
I know my income to debt ratio means that I don't qualify for any amount of loan. Because I make $17,000 year and my share of the mortgage is $9,600/year. But can't I just make a larger down payment and use my 401k and gold as collateral. For instance put down 30% and also give $40,000 worth of collateral. Houses in Honolulu are so stable and vacancy rates in my area is only 1%. With my 30% down and collateral, it really wouldn't matter if I default in year 1 or year 15, the bank can get their money back. So would I be able to get a loan?
Read more: Would anyone give me a home loan for an investment property?
