can i get a home equitly loan without a job?

[97guns]

i have 4 rental properties, 2 of them are free and clear and im thinking of pulling cash out to pick up another but just found out yesterday that im getting laid off next week. ive spoken to one lender and he said it would be tough without a job.

[stevetrang]

Yes you can, but it won't be under the terms that you would like. If you can document the income from the four properties, you can count that as qualifying income. Odds are, though, that that kind of income won't give you the loan you desire. The other option is to deal with private money lenders. Many private lenders will give you a loan for 50% of the property's value, but you may not like the interest rate.

[Toby Lane]

Steve is right, it will be very tough without a job. Do you maybe have some income off investments or social security. Your only option may be a private hard money lender.

[97guns]

i gross 3K a month off investment property.

[AugustaREGroup]

Ever consider selling the rental property page in cash to a family member (hopefully spouse)? They will have to put 25% down, and depending on your situation you will have to pay capital gains taxes on anything above what you have in it... Worth a call to a lender to find out all the legalities, etc. (not sure about any of that).

[nitinjain]

Really its very tough to get a loan without a job. Actually my uncle has a property in south Mumbai and he is working as a CNC operator. He tried a get a home loan and that too he his ready to surrender all the property papers. But the bank refused to accept all the stuff and simply says that "salary which you are getting does meet our criteria". So please don't waste your time on trying to get a loan..

[AnnAnderson1015]

Yes, the income from your rental properties can be use as long as you have been "managing" them for over 2 years. It used to be a lot easier, but I would recommend going with a local community bank. Often time you can speak directly to the person that can make the decisions. I know that was how must builders in my area were getting the money. If you can supply ample down payment and prove that your a solid re investor, I don't see why they would not lend you the money.

[johndale]

Some community bank are accepting home equity loan. Some are considerate with regards to this type of situations.

[maryd]

I'd try a hard money lender or a another investor who may be able to help you

[jenisebhruvel]

Its cool to find steady employment and work on your business in your spare time. In two years you can get a loan on your house and go ahead full-time with your business.