If you own property [land] and its 100% paid for Can you get a mortgage loan with no job?
Written By: admin on August 22, 2009
One Comment
Have a friend who owns 20 acres and the land is paid for. He wants to buy a home for 60k to rent out for an investment. He has no job, can he use the property for collateral to obtain a loan?
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No, of course not, he has no way to repay the loan. They will not give him money knowing that he has no chance to make even a single payment.