[quote author="USCTrojanCPA" date=1254816619][quote author="readytopurchase" date=1254816024]Just spoke with a neighbor who is a broker. He said that the investors are getting unsecured loans from a bank with about a 15% interest rate (must have stellar credit score), then are able to make the all cash payment on a home and win it. Can anybody confirm? I wonder if this is an option worth looking into. How would one refinance once you own the home? Would it be difficult?</blockquote>
I know that banks are still offering unsecured lines of credit, but I hardly doubt that they'd be willing to lend you hundreds of thousands of dollars unless you have a stable high paying job or a very profitable small business. Maybe they are getting cash advances on their credit cards, I dunno. You can get a cash-out loan after you buy the home but you have to wait 3-6 months after the purchase to do so from what I've heard from a few lenders.</blockquote>
Yeah, it sounded a bit risky. He's not the greatest resource - was previously pushing me to buy, buy, buy! I think I'll stick with the traditional home loan models and hope that I find a home that an investor would rather pass on.