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Additional Details
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Melissa B | Is it possible to get a loan for a home if I am unemployed? |
I live in NJ. Divorced with 2 kids, I have 50K to put down and another 100K in the bank (cds, savings, and checking). My credit is in good standing-approx a 620. I am also a fulltime med student for the next 7 years (so work is out of the picture currently if you know anything about med school) and the only money coming in is childsupport that is approx 1200 a month. Will a bank approve me for a loan based on that criteria?
Thank you in advance to anyone that can offer advice.
Additional Details
Side note:
Upon completion of my education- my field, entry level (U.S. National Average) is 92K. |
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Uh huh, go on I'm listening
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Not w/o employment.
You could, however, buy out right with your 150k total in assets.
But w/no income at all, no, you will not get a mortgage loan.
620 is not good btw, not trying to be rude, but it isn't. |
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moneycrisis
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You are still young. Keep on renting for now. Consentrate on school. Your score at 620 is not great and you would receive a higher intrest rate. For good intrest you need a score of 680 and above. Work on this. Your plate is full let the landlord take care of the problems for you. Because what you would be able to afford right now will need some major fixing. Then there won't be time for school. Make your kids proud...go and be a doctor...the other will come in due time. |
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altruisticd
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doubt it. do a lease with an option to buy.. that is by far the best thing for you... if @#$% hits the fan it wont rock out your credit and you can build equity. just make sure the person you are leasing from is lagit and makes the payments to their bank.
dont waist the large amount on a down payment anyway... there are a lot of investors that have bought homes dirt cheap and looking for someone just like you to get into the home for a discount.
Reinvest that money! |
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bull_rooster_aardvark
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Maybe if you put down a huge amount (like 50% of the sales price) and accept really lousy terms (high interest rate, lots of points). The obvious question on the banks mind would be what are you going to do after the money runs out. I mean you have 150K (less after putting alot down to buy a place) but thats got to last you seven years and then who knows if you will be able to get a job after 7 years, and what that job might be paying (maybe you won't even last the 7 years in med school - its one tough school).
A different thought may be could you get a co-signer with really good credit (probably have to be a parent). Then the loan may be easy and cost one heck of alot less, but you'd better be sure you can afford it (for 7 long years, maybe even more).
Best luck. |
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peter n
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Dear friend visit my website.
http://real-estate-informations.blogspot.com/
Thank you |
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globular
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Someone will give you a loan with that but trust me you really wont want it. Not with the market in NJ... They will stick you..
Most consumers score between a 300 and 850. Credit scores in the range of 620-650 indicate basically good credit. Anything under 620 is considered high risk. |
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Ed Atun
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Happens every day. The lack of a job makes you more risky, but you still get a loan. You will pay 9.75% interest on your mortgage and you will put 10% down. You would go to a mortgage broker because Bank of America is no longer doing the riskier loans. |
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godged
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Not with that credit score and the lenders I talk to. If you had excellent credit, with your down payment, additional funds available and miniscule income, you could probably get approved, but not a 620. That isn't good standing, that is teetering into fair. |
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kingarthur305
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Yes, because you have the assets to back up the loan. It just depends on the value of the home and how much other bills you have to pay |
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Expert Realtor
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$1,000 per month is considered poverty level and most banks won't loan if you earn less than that.
At $1200 plus student loans that are in deferment, I don't see how you can qualify...not even in subprime. |
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