Posted by loanranger1 on January 13, 2001 at 06:57:44:
you always have to give full story. If you can show your working and explin lost time more you put down will help. We do not know how much income you make you. I guess you want to flip house sugest you sign contract. Make sure you can assign it to some one else and sell the contract till you have more knowledge of buying and selling properties. You have a lot to learn.
can you aford payments till you sell, what is condition of property, do you know how to sell a home all the legal paper work???
This is a business not a game.
There is a home in my area selling for $135,000 which is about $25-35,000 below market according to county tax records based on the sales of similar homes on that block. Once I contacted the seller I quickly found out the reason for the low price was she was an extremely motivated seller. She stated that she was the executor of her fathers estate and was in a hurry to sell the house to please her six brothers and sisters. Knowing all this I am smart enough to know that this might be something to invest in and resell the home and make a profit. I have never attempted to purchase a home and not sure if I would qualify for a loan for one reason. Although I have excellent credit, because of a physical disability I have had unstable employment history for the past 3 years and relied on Social Security for my main income. Prior to this I did have an excellent employment record. Here is my question comes. How will my unstable work record affect my loan application and is there anything I can do that insures a favorable outcome. Any help and advice would be greatly appreciated. Thanks!
Re: Getting a loan with unstable employment? - Posted by Ed Garcia
Posted by Ed Garcia on January 12, 2001 at 10:06:13:
Dennis,
Forget the problem as you presented it. The reason I say that is because you haven’t told us your intentions with the house. Dennis, we really don’t have enough information, but with the situation as you described it. I don’t think you have the resources to do the deal. In other words, I don’t think you can afford the payments. You’re either going to have to move into it, which on social security income you can’t afford the payments, or you’re going to have to immediately sell it, because you’re not going to be able to afford both payments if you should experience a vacancy. My suggestion is to see if you can tie it up and flip it. If you took on a partner and split the deal, you still wouldn’t make any more than if you flipped it.
Thanks Ed for your response and sorry for the vague explanation I gave. Ok let me give a little more information on the situation. I should have stated that I am back to working full-time and would be purchasing the home with my fiancée. I also have $43,000 that was willed to me by grandfather that I wanted to use for the down payment. As far as what I intend to do with the house, I am not sure yet. I have run the figures through several mortgage calculators and the payments are defiantly something that we both can handle should we decide to move into it. It?s just the loan I was worried about. Getting the loan with the unstable work history. Hopefully this will give you enough information to give me more advice. Thanks again Ed, I look forward to your reply.
Re: Getting a loan with unstable employment? - Posted by Ed Garcia
Posted by Ed Garcia on January 13, 2001 at 10:40:54:
Dennis,
Thanks for clarifying the situation. Now that you tell us that you have the ability to do the deal, were back to, what are your intentions with the house?
As far as your unstable work is concerned, with your good credit, you now have the down payment, you could go Stated income, NIQ, NIV, so shouldn’t have any problem getting financing Dennis.