Taking a 2nd mortgage

Anonymous — Tue, 27 Oct 2009 20:50:18 GMT

UPDATED: By January I will be free of credit card debt - I have worked with a settlement company and have 3 more accounts to pay! I have student loans (~100k) and an existing mortgage balance 170k. I will keep my current home as a rental property. My credit is not that great because of credit cards issues. TransUnion 567, Equifax 601. EH...

In April 2010 when I finish my MBA, I will be forming an LLC and starting to write my business plan. I am concerned because even under my future LLC, my credit will still matter for me to get financing for the horse farm I will want to buy (estimating $250-300k). No matter how professional my business plan is or how much I have saved, I am worried that my score will do all the talking. I know it's a complicated question, but does anyone have any advice or words of wisdom for me? The plan to buy this farm is in 2-3 yrs time. Will I be able to get a 2nd mortgage - even if it's at a crummy rate? Other important factors: I have worked from home for 5 years with the same employer - which I would continue doing after starting my business (at least until it takes off). I make about 50k a year.

Any advice/comments are very much appreciated.

Jennifer

Message Edited by jbroniak on 10-27-2009 01:50 PM

Re: Taking a 2nd mortgage

Anonymous — Tue, 27 Oct 2009 14:30:44 GMT

This doesn't really answer your question, but what kind of work at home job do you have? I would recommend maybe talking to an Ag Lender in your area and asking what kind of scores they are looking for when applying for your type of loan. Best of luck.

Re: Taking a 2nd mortgage

Anonymous — Tue, 27 Oct 2009 15:10:28 GMT

I work for an insurance services company as a research analyst. Thanks for the recommendation on looking into agricultural lenders.

Jennifer

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Taking a 2nd mortgage

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