A mortgage unemployed with 50% deposit? Do you need a professional answer.?
I am currently unemployed, but would like to buy a duplex instead of watching my bank account to pay the rent wither (live in one and rent the other situation). I’m looking at the price range of 150-175k in central California (have some properties of the eye) and would be able to put a down payment of 50%. I am also able to set aside one year worth of PITI in a separate account as well. I receive $ 500 per month in alimony and $ 500 per month as pension for my adult son living with me. Will I also get about $ 4,000 per year in grants go to school (which I get paid for tuition / fees). I doubled on a tenant (as I’m looking for 3 bedroom units) who is willing to give me their first month rent and security deposit ($ 850 / $ 850) to see the whole process of credit if the property is money when it closed at. My credit score than last year, I moved into the house I’m renting is 680 without defaults / late payments in the period of the great seit.Mit 50% deposit, the year mortgage payment (piti) retains ownership and income generation, it is possible to obtain a mortgage without a job in my situation (although in a few percentage points above normal)? If yes, what mortgage banks could help me and what I have to ask them as loans? In addition, a high loan would still be cheaper than my rent in this scenario that I currently spend $ 1,000 per month for rent and I’m using the savings for other expenses that I want to quit.