Posted on: 16th Aug, 2012 07:11 pm
Hallo,
I want to buy a house in California. Price range between $40K - 70K. I can make a down payment about $35k - 40K. I don't need that much loan from bank or anywhere else. But I have no income right now and want to find a way to get a little amount loan to be able to buy a house. From the rent I want to pay the little loan.
For example:
Property price $60k
Down payment: $35 - 40K
Loan amount: $20 - 25K
What is the best way to get loan without and independent of income?
Thank you
I want to buy a house in California. Price range between $40K - 70K. I can make a down payment about $35k - 40K. I don't need that much loan from bank or anywhere else. But I have no income right now and want to find a way to get a little amount loan to be able to buy a house. From the rent I want to pay the little loan.
For example:
Property price $60k
Down payment: $35 - 40K
Loan amount: $20 - 25K
What is the best way to get loan without and independent of income?
Thank you
Hi thxbest!
Welcome to forums!
As you have no income right now, none of the lenders will be ready to give you a loan. You won't be able to convince the lender that you will be able to make the payments.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you have no income right now, none of the lenders will be ready to give you a loan. You won't be able to convince the lender that you will be able to make the payments.
Feel free to ask if you've further queries.
Sussane
Hello guest,
As long as you are sure that you can afford to pay back the mortgage then there shouldn't be a problem. You as a tipped employee should have no problems with a no income mortgage, and you should benefit the most.
:idea:
As long as you are sure that you can afford to pay back the mortgage then there shouldn't be a problem. You as a tipped employee should have no problems with a no income mortgage, and you should benefit the most.
:idea:
If you do not have a source of income, no lender will make a mortgage to you. Also most lenders have loan minimum some start at 50k others are much higher.
It would be difficult to get the required amount from some institutional sources. You can try out some non-institutional sources.
That was really a hard problem it is hard for you to get a home loan if you don't any income. Best thing that you should do is to invest money and start financing an income to get a home loan.