A+ credit, no job... loan prospects? - Posted by Drew_NC

Posted by Bud Branstetter on January 25, 2002 at 10:23:17:

You don’t really give enough information to give advice. Gross rents for each unit, maintenance, repairs, taxes, utilities. Above FMV is definately a turnoff. Him carrying is appropriate if he wants FMV(not above).

A+ credit, no job… loan prospects? - Posted by Drew_NC

Posted by Drew_NC on January 23, 2002 at 19:22:38:

I have some cash reserves and my credit is spotless. No late payments on record, ever. But I am trying to go “self-employed,” and geez I’d rather not use hard money (all those points)!

Any suggestions? I am meeting with a local mortgage broker later this week.

Re: A+ credit, no job… loan prospects? - Posted by Buddy Schultheis

Posted by Buddy Schultheis on January 24, 2002 at 09:32:44:

I have two mortgage brokers who have been able to do 100% no doc loans for me. If you would like their info, email me and I will reply. THIS IS NOT AN AD OR SOLICITATION-I AM NOT A MORTGAGE BROKER. I have worked with these brokers and know they can do the deal.

Re: A+ credit, no job… loan prospects? - Posted by Robert (NC)

Posted by Robert (NC) on January 24, 2002 at 06:21:03:

Find a local Centura Bank. They have a great in house mortgage program. i just found out about it yesterday. 6.5% interest on investor mortgage, for 15 years callable in 5 (basically a 15 year mortgage that acts like a 5 year ARM). From what the loan officer told me, they are not advertising this product, you have to ask for it. I’ve also been told through a realtor that they offer will loan 100% if your offer is 80% below FMV. However, I havn’t got all this in writting yet, just over the phone from the loan officer at the Henderson brach of Centura. I’m going to try and buy 2 duplex’s in Henderson, and one House. Rent the duplex’s and Lease Option or Retail the house…
It is worth a call…

Happy Investing…

Re: A+ credit, no job… loan prospects? - Posted by Dan B. (NY)

Posted by Dan B. (NY) on January 23, 2002 at 23:38:28:


I am a novice investor, but finally have something on this forum to speak about intelligently !! I, too have excellent credit (776), and am “self employed” (read dot.com downsized). I just got a prequal letter for 90% purchase price from a broker, who said I would have absolutely no problem getting a deal financed. She said she would need a letter from my accountant verifying I have been self employed for 2+ years, and reasonable reserves, including enough cash on hand for the projected closing costs (which I have). This was with .75 pts, and a rate of 7.75%, with a 60 day lock.

While a prequal letter is hardly a firm commitment, she told me she had a great program for these “low-doc” loans, and could back up this lender with several others, with similar deals. She ran my credit, put together closing cost estimates, and sent me the whole package.

The owner has yet to accept my offer (25% below asking and comps, but needs some work), but I believe I have the money waiting.

Re: A+ credit, no job… loan prospects? - Posted by Carey_PA

Posted by Carey_PA on January 23, 2002 at 21:10:06:


Find a good deal…and I mean a REAL deal and then go to a small, local bank of yours. Go to the commercial loan department and see if they can help you.

I had mediocre credit, no job, and no money and I got a loan from a small local bank in my area. I was getting the property at 50% ltv and they lent me ALL the money for the purchase and the rehab money. I actually got $1,100 back at closing! :slight_smile:

good luck,


p.s. Put together a business plan too, so you at least look professional and look like you know what you are talking about.

Re: A+ credit, no job… loan prospects? - Posted by Buddy

Posted by Buddy on January 23, 2002 at 20:21:09:

Good luck to you, the best opportunity would be owner financing. They will LOVE your spotless credit and may not care about your job. I hate to say it but you dont have a chance with a traditional lender (conforming loan) without any income to report. You may be able to go non-conforming at a higher rate and points with some $$$ down. Good luck and look keep looking for creative ways to finance

Re: A+ credit, no job… loan prospects? - Posted by DavePA

Posted by DavePA on January 24, 2002 at 09:03:39:

Hi Carey. I was wandering if you go to any real estate investment club meetings? I visit the one in Philly. If we are close enough, maybe I could pick your brain a little more one on one? It is very hard with a full time job right now. I try and read every night, and study any material I can. I know I learn better in person. So, if you had any time and live close maybe you and I could discuss real estate. Thx dave

Hope I am not imposing.

Re: A+ credit, no job.loan prospects? false - Posted by CCREIA

Posted by CCREIA on January 24, 2002 at 13:11:23:

Ive been self employed for less than 8 months and I get bank loans all the time. Not at 6.5% but I did close a no-doc the other day at 8.15% and walked away from closing with cash. Local banks will do this for you the thing you must remember is the loan officer is not who you need to talk to. The President or VP on commercial lending is. Tell them what you are doing and if you bank there they will work with you. If you bank there and they dont work with you CLOSE YOUR ACCOUNTS THERE. Why support them if they dont support you. Banking is done on relationship on the commercial side and you have to build one.


Re: A+ credit, no job.loan prospects? false - Posted by Kareem

Posted by Kareem on January 24, 2002 at 13:48:20:

This is Kareem again…I forgot to mention that each unit rents for 435$

Re: A+ credit, no job.loan prospects? false - Posted by Kareem

Posted by Kareem on January 24, 2002 at 13:45:27:

I am self-employed (just received my RE license this month). I also make about $8000 a year as a musician. I don’t any have money set aside yet.

I am trying to purchase a 4 unit 2br 2bt investment property that I live in. The comps run b/t 125K to 133K. He is asking 155K and will carry all costs for the deal financing his equity at 3% and ,if necessary the present first mortgage of $101,018.05 at its present rate of 6.625.
I live in AL. Do You have any suggestions of how I can do this my 1st deal?