A mortgage unemployed with 50% deposit? Do you need a professional answer.?

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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.

4 Comments
  1. Reply
    the kid
    May 13, 2011 at 11:38 pm

    If you can verify the income from your sons and the alimony, maybe. It’ll depend on the individual lender most likely.

  2. Reply
    wizjp
    May 14, 2011 at 12:10 am

    First criteria of a mortgage is the ability to repay it.

    I really can’t see a lender going out on a loan without that.

  3. Reply
    loanmasterone
    May 14, 2011 at 12:43 am

    There are possibilities that exist where you might be able to get a mortgage loan, however, you would have to prove with third party verification that you would be able to make the monthly mortgage payments no matter how much you are able to put down on a property. There are ratios that would have to be met.

    Ratios are your income based on the debts you currently have on your credit report.

    Your son staying with you and paying you $ 500.00 per month might be suspect, as parents do this all the time and very seldom complain if a payment or two are missed and would forgive any back payments with the promise of making the next payment,

    Contact a local mortgage broker/banker with any income documents you have to include the grant payments you receive. Once he has completed your application he will then get a credit report to determine your credit score as well as the debts you are currently paying.

    Once this has been accomplished he will inform you of your approval or denial of your application.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

  4. Reply
    Caveat Emptor
    May 14, 2011 at 1:10 am

    You’ll have to qualify for the loan based on PERMANENT income – which school grants definitely are not. Whether a lender would consider alimony or rent from boarders as “permanent income” is questionable. Go see a lender for preapproval.

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