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rio180 | Can you qualify for a mortgage loan even if you don't currently have a job but do have, say $100k saved? |
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eGuy
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good place to start
http://www.nohasslebargains.com/loan/financing.html
Financing
Financial Services |
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mortgage_info_4u
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Yes you can. It really depends on your credit score. The program is called NINA or No Income No Asset. Usually you need at least 10% of the purchase price to put down. That rate will be higher because of the risk involved but you can always refinance at a later date. Check out www.lakecitymtg.com and click the programs link for more info. |
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diverj
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If you have a credit score above 620 you can get a loan. Beware of some of these postings indicating that you can make up a job or do a NINA loan. In reality if you have no source of employment you can get a no -doc loan and not have to worry about violating any laws pertaining to falsification of your information. On a no doc loan you are only asked to furnish your name, address, social, age, number of years in school and your relevant property information. The lender will review your credit and the appraisal and their decision is based solely on these 2 pieces of information. Depending on your situation you may have to pay a slightly higher rate, but sometimes you get the same exact rate that a person with full income documentation receives. |
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georgia b
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If you have filed a Schedule C for two years, and can show that you have had a business in the same location for two years (even if it's at home), you can qualify as "self-employed," and not even have to show the income amount. Or, if a company (listed in a public directory) can give a verbal verification of employment over the phone, you can pull it off (even though this one is "fraud"). But you also have to have a great credit score to use reduced documentation like that. I AM NOT RECOMMENDING, ONLY INFORMING.
Keep in mind that if you go "stated," instead of "no ratio," you are committing fraud if you can't back up the numbers in an audit. Don't believe lenders (Michael M) who tell you that it is legal to state any amount of income they want to, in "stated income" loans, and who encourage you to commit fraud. That's complete BS, against the law and ALL company guidelines. "Stated Income" guidelines were meant to reduce hassle for well-qualified buyers. Though audit is a remote possibility, you need to know the risk.
I learned by formerly working for the biggest fraud lender in the country! Confidentiality Agreement prohibits me from giving their name. :-) Most lenders are whores.
"diverj" sounds like a reputable and knowledgeable lender. |
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Price is what you pay for value.
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they will lend you money, but this is not a good time to buy.
Good time to buy?
In most area of the U.S., housing price stopped going up as inventory continues to build up. It is normal to see a correction as a boom that lasted for several years.
If you are investing new money in to real estate, this may not be a good time as the potential return on investment is small compare to the high risk of lower home price.
If you are doing a side way move, meaning you are selling one to buy another one, then it is acceptable.
Nothing is absolute, but housing market is very likely undergoing a correction and this is only the beginning. Some say this would be a soft landing (0 to 10%). Some say a big crashing is coming (10 to 20%). |
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lou_riot
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This is what i specialize in. Basically if you have that kind of asset base, you can easily get a mortgage without having a job. You can even get 100% financing. |
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Florida Girl
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If you have good credit and 20% for the down payment, a bank will give you about 2 to 2 1/2 times your annual salary as a mtg loan. If you are married, add your partners income. So. if you want to buy a $200,000 home, you will need $40,000 for a down payment and an annual income of $70,000 or maybe more depending on your other obligations such as car loan. Go to a bank and talk to the mortgage person to get more info. Shop around for the best rate before you do anything else. Get pre-approved by a lender and then start to look for a house or condo in your price range. Good luck. |
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Michael M
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Yes you can. Depending on what state you are in. I am in the mortgage business so you can depend on this answer. Get a DBA (doing business as). It will cost you about $25.00. Make up a company name and start answering your telephone (even if its a cell phone) by that company name. Talk to your loan officer and tell them that you want a Stated Loan and that you are self employed. That's all there is to it. With a stated loan they will only contact your employer (you) and ask if you really work there. With a stated loan you do not need bank statements or W-2s. You are stating your income - you do not need to prove your income. Of course, you will pay a bit higher interest rate but I do stated loans for people everyday. |
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momie_2bee
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Doubtful, you have to show income to pay the balance of the mortgage. But hey they might look at it like this guy will never be able to pay and let you default and collect the 100,000(but doubtful)
Not to mention you will have to prove where that much money came from without a job |
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Meegan
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yes, that $100,000 is an asset. if you have a credit score of over 700 you can most certainly get a loan. call a bank and speak with a loan officer to find out if you qualify. |
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Montee P
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Yes, but be very careful because there are very greedy people out there who will take your money. I hope you plan on getting a job or have some kind of steady income |
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