moving my family to Henderson, NV.
2007-08-25 16:55:09 · 7 answers · asked by LOSTINTHEFOG 1 in Business & Finance ➔ Renting & Real Estate
Have a job or GREAT credit to do what you want.
Henderson is having some GREAT opportunities for home buying. Depending on your occupation, work could be easy to get. If you have strong 2 year employment before leaving, and you get a job pretty quick in Vegas - offer to rent the home you want to buy for 2-3 months. This will give you time to see the house and all he workings and find employment. Then at the end of 60-90 days, buy the home.
Hope this helps, good luck
and keep your p[paycheck from the CRAPS tables, I hear they are deadly!!!! LOL
2007-08-25 17:04:20 · answer #1 · answered by Anonymous · 2⤊ 0⤋
It will be extremely difficult to get financing right now if you don't have a steady income. The 20% helps, however, you had better have an additional 6-12 months of living expensed saved up as well. I would recommend finding a month to month lease for the time being until you get a job. Then start house hunting. It is a buyers market - especially in Henderson, NV. there will be plenty of houses to buy when you are ready.
2007-08-26 15:06:51 · answer #2 · answered by Christopher B 6 · 0⤊ 0⤋
You will have to do some research to find a lending institution that has a program that can work for you in your situation. Lenders are looking to see if you can carry the mortgage for a 2 year span. So if you have enough money put away after the down payment that can cover the mortgage for at least 2 years you can possibly get the mortgage. Having great credit will also help you a lot.
2007-08-26 01:02:36 · answer #3 · answered by young2bballin 2 · 0⤊ 0⤋
You'll have to have 700+ credit score to qualify for a no-documentation loan, IF banks are still underwriting these. I know of several banks that have done away with all of these programs, and some are even considering doing away with stated income loans as well.
If you don't have a high credit score, then you can forget it...the purpose is to have a way to pay the loan back...and if you don't have a job, then you are at very high risk to default in the first 12 months.
2007-08-26 04:56:55 · answer #4 · answered by Expert8675309 7 · 0⤊ 0⤋
Congratulations on your savings. Unfortunately you are not going to be able to borrow the remaining 80% of the purchase price unless you can show that you have the capacity to repay it. That means showing some reliable source of income. The two common ways around that are: co-signers and owner financing. Most owners, however, want to take all their money with them or are only willing to finance a small portion of the price. It would be an unusual seller who would carry back an 80% note for someone with no source of income.
2007-08-26 03:01:39 · answer #5 · answered by artwhiterealtor 3 · 0⤊ 0⤋
Not sure what your question is but, It'll be hard for you to get a mortgage (like probably impossible) without being employed.
Banks/lending companies want to see that you'll have the means to make a monthly (or bi-monthly) mortgage payment.
If your wife works or a parent or relative is willing to co sign with you on a home loan, that might help.
2007-08-26 00:03:37 · answer #6 · answered by BP 7 · 1⤊ 0⤋
I would suggest rent first, get a job, save, get your credit stuff in order and buy a home next year
2007-08-26 02:16:50 · answer #7 · answered by Anonymous · 0⤊ 0⤋