How Likely Would I Get A Mortgage?

I’ve seen a property for sale, and I have about half the asking price in cash/investments (they can be divested at any time). I would be looking to run it as a business (currently it’s not zoned commercial) long term. My annual income is about 20k, but I would hope to generate about 60-80k gross revenue a year from this property, but I would have to quit my current job to run it. How likely (or not likely) would the bank be to loan me the money on this?

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3 Responses to “How Likely Would I Get A Mortgage?”

  1. Chris Brown 2 says:

    The bank will look at your credit score to make a determination. A score of 600 to 700 is good. They will look at your expenses and income to make a decision to loan you the money. Some real estate companies have a first time buyers program. This may be more flexible to your situation.

  2. Steve D says:

    First, you cannot count your expectations of income, so you have to use your current income to qualify. At $20K, you max mortgage is going to be $60K. Of course, you may have to list as a primary residence since the area is most likely zoned residential, not commercial or industrial (if there are neighbors and you expect traffic when you operate your business, expect lots of negative feedback when you go to get your zoning variance). A lot will also ride on your other assets (if you liquidate all your assets for the down payments and closing costs, you lower your chances of getting the mortgage), your employment history, and of course your credit score and history.

  3. Lily B Talus says:

    I don’t think you’ll be successful as you’ll need a business mortgage and don’t actually have the income to make the monthly payments until things get going , I think it’s too risky for a mortgage seller to agree to.

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