Looking to buy a $200k property in Central KY, 10 minutes from I-71 near Carrollton. Here's my brief rundown:
I currently own my home, with about 30% equity on a $340k home. I have around $70k in liquid assets (mostly cash) and I could use maybe $40-50k for a downpayment on the second property.
I have no debt whatsoever except my current mortgage (standard 30-yr fixed, I'm in year 4 now...). Prior to paying off both of my vehicles about a year ago, I had a couple late (30d) dings on those. No credit card balance for 4 years or so.
The thing that's killing me is a student loan that I let go delinquent about 2 years ago, but I paid it in FULL about 18 months ago. However, having gone 6 months late, the creditor reported it to the state for guarantee money. Although I paid in full (and have a letter from creditor confirming this), it dinged my credit hard. FICO dropped to around 520 as recently as a year ago, but because all payments have been on time for everything since then, I'm up to around 620-635 (depending on which score I go by on Exp or TransUnion) now and hopefully climbing still...
Do I have a shot at a loan on the land? It's 100 acre parcel with a small (manufactured) home and a stick-built workshop. I'd be using it for recreation, some business activity. But I'm after the land, and the home would be used only as an office and not be occupied or rented.
I've heard loan rules are different and more stringent for seconds...I've got verifiable income for the last four years that shows my debt / income ratio is well within bounds. I would be looking for a 15-year fixed term, and I'm prepared to pay a higher rate based on my history (seems like rates are stupid low right now anyway, and a "high rate" today would be a "low rate" 15 years ago) . Who would I talk to about doing this?
I currently own my home, with about 30% equity on a $340k home. I have around $70k in liquid assets (mostly cash) and I could use maybe $40-50k for a downpayment on the second property.
I have no debt whatsoever except my current mortgage (standard 30-yr fixed, I'm in year 4 now...). Prior to paying off both of my vehicles about a year ago, I had a couple late (30d) dings on those. No credit card balance for 4 years or so.
The thing that's killing me is a student loan that I let go delinquent about 2 years ago, but I paid it in FULL about 18 months ago. However, having gone 6 months late, the creditor reported it to the state for guarantee money. Although I paid in full (and have a letter from creditor confirming this), it dinged my credit hard. FICO dropped to around 520 as recently as a year ago, but because all payments have been on time for everything since then, I'm up to around 620-635 (depending on which score I go by on Exp or TransUnion) now and hopefully climbing still...
Do I have a shot at a loan on the land? It's 100 acre parcel with a small (manufactured) home and a stick-built workshop. I'd be using it for recreation, some business activity. But I'm after the land, and the home would be used only as an office and not be occupied or rented.
I've heard loan rules are different and more stringent for seconds...I've got verifiable income for the last four years that shows my debt / income ratio is well within bounds. I would be looking for a 15-year fixed term, and I'm prepared to pay a higher rate based on my history (seems like rates are stupid low right now anyway, and a "high rate" today would be a "low rate" 15 years ago) . Who would I talk to about doing this?