will qualify for a mortgage. He is looking to put down 100,000.00 that he has in cash. And wants to carry a 100,000.00 mortgage. His problem is he has no credit. Also he is just back to work after being on disability for the past 3 years. He is with the same company that he was with beofre his accident. He brings home around 2800.00 per month.
Thanks
2007-10-16 06:03:04 · 6 answers · asked by tess 6 in Business & Finance ➔ Credit
His money is in the bank. He's making 300.00 per month in interest. And the money is part of his settlement
2007-10-16 06:15:13 · update #1
It does not sound like he will have a problem. A good Realtor can "qualify" him if he doesn't want to make an application with a bank or mortgage company before he has more information. He should definitely call the bank where he has the $100,000 and talk with a loan officer and see what their advice would be. Many banks such as Bank of America have large "home mortgage" departments. He should not use the "on line" mortgage companies in my opinion... A one on one meeting with a mortgage lender will give him a ton of information about his options. Good Luck to him.
2007-10-16 06:33:58 · answer #1 · answered by Anonymous · 1⤊ 0⤋
He will definitely qualify. All you need is to find licensed mortgage professional. Better start looking for a financing using bank professional. If you get approved through bank, it does make sense to shop through broker for a better rate and term.
2007-10-16 06:38:29 · answer #2 · answered by roginad 3 · 0⤊ 0⤋
If he does the interest rate will be high.
His cash needs to be in a bank and not under the mattress. 95% of the time lender will want to know where the money came from.
2007-10-16 06:10:16 · answer #3 · answered by Ted 2 · 0⤊ 0⤋
He needs to look for a company that does manually underwritten loans like churchhill mortgage. These types of loans look more at the person than a fico score.
2007-10-16 06:21:43 · answer #4 · answered by JB 6 · 0⤊ 0⤋
I suspect he'll have very little problem finding a mortgage with a 50% downpayment.
2007-10-16 06:10:34 · answer #5 · answered by bdancer222 7 · 0⤊ 1⤋
Cash is king, never seen anyone turned down with 50% down payment.
2007-10-16 06:56:47 · answer #6 · answered by rockman1091953 6 · 1⤊ 0⤋