Mortgage rates and advice

Which bank or financing option would be my best bet?
I have about half of the funds needed to purchase a small commercial space—roughly 430 square feet. Currently, I am unemployed, though my intention is to open a small business right there in the unit. Is it even feasible to secure a mortgage under these circumstances? Or perhaps some other type of loan with decent terms? Thanks...

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Hey mods!

Edward

😍

pj zeko
You aren't going to land a mortgage if you don't actually own the property yet.
If you're looking at commercial space, you can pull it off with a creditworthy co-signer.
Alternatively, if your business plan is solid—and that depends on the industry, obviously—check out http://www.sba.gov/

So, let's look at the math here, because it’s a bit of a headache. Suppose I’m sitting on a piece of land with a building permit already in hand—something worth somewhere in the neighborhood of $550,000 or $600,000—but my actual take-home pay is just the federal minimum wage, and I’ve got a co-signer pulling in about $3,700 a month.
How much of a loan can I realistically squeeze out of a bank under those circumstances?

From what I can gather, none of the major banks here in the States offer mortgage products even remotely close to what you see in other developed nations... It’s infuriating. They obsess over your credit score and debt-to-income ratios regardless of how much high-value real estate you actually own...
It’s honestly pathetic, but it all boils down to these specific systemic issues

Now, something is nagging at me—I feel like I saw someone on a different thread discussing a specific lender that offers something similar to this... and if my memory serves me right, I think you were part of that conversation too... or am I just losing my mind? 🙂

Kimberly Nguyen, don't get your hopes up too high
I’m still digging through the wreckage here, looking at various loan options from some major international banks, but honestly, the terms they're throwing out are all over the place—it's a total mess of fine print and inconsistent rules.
The plan is that I’ll probably have to head down to Chicago to track down one of those specialized debt restructuring consultants—you know, the kind of folks who act as mediators in these kinds of financial crises. I’ve heard from a few sources that if I play my cards right, I might actually be able to negotiate a deal that doesn't feel like a complete scam.

Just you watch—what feels acceptable to you today might turn into an absolute nightmare tomorrow... good grief, I'm telling you 😉

Kimberly Nguyen said:just be careful that what feels acceptable to you today doesn't turn into... well, a total nightmare tomorrow 😉

And that’s exactly why I dig so deep into everything—because I can’t stand the thought of being caught off guard.
there’s an old saying in this country that the bureaucracy knows more about a person than the person does themselves.🙂

For most Americans, your baseline for getting anything done is your credit score => your ability to borrow

We don't really deal with the kind of mortgage structures you see elsewhere => if you actually own property outright, the banks don't even care about your monthly cash flow...

But when it comes to standard housing loans, there's no way around it: you have to put up collateral in the exact ratios these big banks demand, AND—this is the part that drives me crazy—you absolutely MUST be able to prove a steady, reliable monthly income. No exceptions.

Kimberly Nguyen said:for most Americans, the baseline is simple salary equals creditworthiness

we don't really see those massive mortgage-backed loans here => if you own property, they aren't just looking at your paychecks...

with residential loans, regardless of the situation, banks demand collateral on the property in whatever ratios they feel like, BUT you still absolutely have to show a steady, verifiable monthly income

What do you mean we don't have mortgage loans? They’re predatory as hell, sure, but they definitely exist.

I remember stumbling upon some info about a certain Bank a long time ago, but honestly, right now 🤔 I can’t for the life of me recall which one...

Seriously, just drop the link already! 🙂

Honestly, if you just take a second to Google mortgage rates, pretty much every major Bank in the US will start throwing links at you immediately...

Look, I am well aware that mortgage-backed loans can be used for non-purpose purposes, and I know that every single Bank out there is going to run a credit check on you...

But that's not what I'm getting at here. What I'm actually asking—because frankly, I'm stumped—is which Bank is actually willing to cut you a check for a mortgage without looking at your credit score first?

A few years back, Goldman Sachs was handing out mortgages even if you didn't have the credit score to back it up. Is that still 🤷
the case? As for Wells Fargo or Bank of America... I know that regardless of the mortgage, they'll still demand proof of income to ensure the loan actually gets paid back 😉
.

Then 🤷
Hypo—well, let's call them Wells Fargo—also demands proof of creditworthiness 🤷

Goldman Sachs

-the original most recent pay stubs or pension statements (or an officially certified copy) for everyone involved in the loan, or some other kind of paperwork that proves your income,

but it clearly says they’re asking for 🤷

Citigroup is highlighting a specific mortgage option within their current lending lineup.

The Bank of America mortgage is essentially an unsecured cash loan, arguably the most competitive deal of its kind currently out there—you aren't tied down by collateral or deposits, and when you pair that decent interest rate with their Innovation package, it bypasses the usual creditworthiness checks altogether.

http://www.bankofamerica.com/default.asp?jezik=&ru=880&sid=

Bank of America:

REQUIRED DOCUMENTATION LIST

A formal loan application (you can pick up an application form at any Bank of America branch)
a photocopy of the applicant's driver's license
proof of property ownership—an original land registry extract, provided it’s less than a month old
a professional real estate appraisal
insurance policies issued in favor of the Bank
The Bank reserves the right to request further documentation if they see fit.

http://www.bankofamerica.com/info/pb/loans/kre/kred4.htm

I give up, though you’re being a stubborn lioness, Kimberly Nguyen. Besides, who actually gives a damn about mortgage rates anyway.

Spot on! I couldn't agree more!

And honestly... we’re all in this together, right? We're supposed to be looking out for one another here... at least, that’s what the whole point of this community is meant to be, isn't it?