I have been living in my mothers home that she bought 4 years
in cash (no mortgage)and now she wants to buy a place somewhere else. She wants me to buy this house and so do i. but i have no proof of my income other than a seasonal job. She does not want a mortgage for this place or anyother place that she owns...(she i selfemployed also) I don't have money for the down payment..Is there any hope for me?
2007-03-22 00:03:51 · 4 answers · asked by Swiss Escapes 1 in Business & Finance ➔ Renting & Real Estate
Of course there is help for you. Just because you don't have proof of income doesn't mean that you are doing something illegal or immoral to get your income.
The question I would have for you is can you afford the house if you do in fact get a mortgage?
There are a couple of things that you can do.
Get a stated income loan. You will pay a little more in terms of interest, but basically you tell the lender how much you are making.
Get your mom to "credit" you for a down payment. Let's say she wants $100,000 for the house. Buy the house for $125,000 and have her credit you the down payment of $25,000
There are many creative ways to finance the house. You can get someone to co-sign the loan for you or you can get a non-traditional loan from a private investor.
That being said, you may not have means of showing your income, but your credit score will usually find its' way into the equation at some point.
Bottom line, this is definitely doable. Think a little out of the box.
I do this all the time in buying houses. Your situation seems easier than many.
Hope that helps.
2007-03-22 00:34:06 · answer #1 · answered by ga_rei_guy 3 · 0⤊ 0⤋
Are you both drug dealers? I mean, come on...who buys a house for all cash? If it's your own mother, what difference does it make to her if you get a mortgage? When you sell a home, the seller gets the entire amount at the closing. You as the buyer have the mortgage and pay monthly--she will walk away with one big fat check from the bank that gave you the mortgage.
I don't really understand your question past that because it sounds like a pretty sketchy situation.
2007-03-22 00:19:15 · answer #2 · answered by Anonymous · 0⤊ 1⤋
How does she expect for you to pay for it. Does she want you to take out a commercial mortage. Why doesn't she hold the mortgage, lend you the money herself.
2007-03-22 01:16:43 · answer #3 · answered by ttpawpaw 7 · 0⤊ 0⤋
http://www.transunion.com
2007-03-22 06:13:54 · answer #4 · answered by Anonymous · 0⤊ 0⤋