Is it possible to buy a home in Houston, without money and reported no income? ?

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Is there a mortgage company seized loans, this way? Our dream home is on the net for $ 114K, but we must put money until our home and business here in New Jersey sold first. Is there something we do for them to come home? Help!

  1. Reply
    April 30, 2011 at 12:53 am

    Not anymore. The “No assets, no income” loans were a part of why the financial collapse happened in the first place.

  2. Reply
    April 30, 2011 at 1:12 am

    Maybe 2 years ago you could have, but this type of leading practice has led to the financial collapse we are in now. If you are planning on buying a home, you really need to save up at least 20% of the value and take a look at your credit scores to find out if you need to clean up your credit first in order to get the lowest rates possible.

  3. Reply
    April 30, 2011 at 1:22 am

    Not unless you want to end up yet another disreputable lender’s foreclosure sob story. Any lender that is willing to lend to someone with no income verification is a disreputable lender…one of the ones the government is beginning to crack down on. Besides, what happens if your home in NJ doesn’t sell? The housing market sucks right now, as you probably have seen in the news. What if you can’t find work in TX, or can’t find one that pays enough to cover the mortgage, insurance, and the other bills? You get your home taken, and you’re out in the streets. My advice is to keep trying to sell your home, keep looking for a job in Texas, and if your home sells and you get a job, THEN and only then go after the house you want. Worse case scenario: the dreamhouse sells and you live in an apartment for a lease term until another dream house comes along. Besides, if the house is foreclosed on now, there’s no telling if there is “minor damage” you’d be stuck paying through the nose to fix. If they couldn’t pay the mortgage, how could they have paid for repairs, right? Just because the advertiser makes it LOOK good, doesn’t mean there aren’t a ton of underlying problems that don’t come through in photos…

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