Do you think that I will be able to get pre-approved for a house loan.
House information:
I am buying the house for my daughter (in college) and her husband (just graduating college). The house is 74,000. After she graduates college in December they are going to re-finance the house in their name. They are both school teachers.
About me:
I have GREAT credit. I have 5% to put down on the house. I have never had a problem financing anything before. I have a lot of money in investments. But I do owe some money on credit cards at the moment.
Downfall:
I own rental property and that is how I make a living. I have had all of my rental houses for a very long time, and paid cash for all of them. However, I do not claim my rental property on my income tax, so I guess my technical employment status is unemployed.
I just don't know if I will be able to get approved for a house loan since my technical employment status is unemployed even though I have money to pay for the house.
2007-08-11 17:06:51 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Note: This is in Texas.
They were going to buy the house and me just co-sign but they could not get pre-approved because neither is working yet.
I have been with my bank for about 25 years and I live in a small town.
2007-08-11 17:15:44 · update #1
It would best if they bought the house and you co signed
Give them the 5% to put down
2007-08-11 17:12:45 · answer #1 · answered by jbauer5307 2 · 0⤊ 0⤋
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2007-08-14 01:39:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You may have to come up with more than 5%. Loans are tight right now and credit is being scrutinized very very closely. If you have a good bank and have been with them a long time, go and talk to them. If one of your rentals is paid off, you could probably use that as collateral.... talk to a banker.
2007-08-11 17:10:50 · answer #3 · answered by Carly Jacks 6 · 0⤊ 0⤋
why don't you check out http://www.suzeorman.com? She can answer your questions to the best they can be.
2007-08-11 17:15:40 · answer #4 · answered by Jeanne B 7 · 0⤊ 1⤋