Posted on: 15th Jan, 2009 04:33 pm
I posted this in the wrong category (sorry!)...so, I'm reposting here.
I'm interested in purchasing a home but due to my circumstances I suspect I'd need a no-doc loan. I understand the current economic climate isn't favorably disposed to non-conventional mortgages...but I'll ask the question anyway. lol!
My credit score is 750. I have $70k in cash. No credit card debt ($3k remaining on a car loan and $4,900 on a student loan). I have not worked for two years after leaving the corporate world to travel and generally contemplate life and my bellybutton.
I'm just now in the beginning stages of a freelance career but as of today I have no income.
The home I am interested in purchasing is listed at $204k but I think I can get it for $180k or less. I have $20k for a downpayment (out of my $70k).
Any chance at getting a mortgage or should I just continue to rent?
Thanks!
I'm interested in purchasing a home but due to my circumstances I suspect I'd need a no-doc loan. I understand the current economic climate isn't favorably disposed to non-conventional mortgages...but I'll ask the question anyway. lol!
My credit score is 750. I have $70k in cash. No credit card debt ($3k remaining on a car loan and $4,900 on a student loan). I have not worked for two years after leaving the corporate world to travel and generally contemplate life and my bellybutton.
I'm just now in the beginning stages of a freelance career but as of today I have no income.
The home I am interested in purchasing is listed at $204k but I think I can get it for $180k or less. I have $20k for a downpayment (out of my $70k).
Any chance at getting a mortgage or should I just continue to rent?
Thanks!
Hi katonthebach!
Welcome to forums!
I appreciate that you have a good credit score. But before approving a loan, the lender will be checking your income history as well. Lenders generally prefer giving loans to people who have an income history of at least 2 years. Moreover with the current market situation, it will be difficult for you to get a no-doc loan. So in my opinion it will be difficult for you to get a loan.
Sussane
Welcome to forums!
I appreciate that you have a good credit score. But before approving a loan, the lender will be checking your income history as well. Lenders generally prefer giving loans to people who have an income history of at least 2 years. Moreover with the current market situation, it will be difficult for you to get a no-doc loan. So in my opinion it will be difficult for you to get a loan.
Sussane
Thanks Sussane! That's pretty much what I figured but I had to ask the question..... :-)
i concur...if you have no income, you'll have no way to make payments on a proposed mortgage loan. freelancing may pay off, but it's going to take a while for you to demonstrate that to a lender. lenders are going to require a 2-year income stream, even on the no-documentation loans. credit and cash are great, but the bills get paid when you have income.
