i 'm new here just 2 months and want to buy house... beacuse i have some savings ...and i want to put 60% down...payment.
Can i buy house, if i put 60% down and income is low..??
2007-12-26 11:44:28 · 7 answers · asked by Raj m 1 in Business & Finance ➔ Renting & Real Estate
Contact a mortgage professional. 60% down is an absurd amount of money to put into Real Estate right now.
You may be better off only putting 20% down, depending on just how small an income you have.
Credit scoring and ability to repay are big factors that determine whether a lender will loan you the money.
Your first step should be to talk to a Broker who has access to many different programs and lower rates than typical banks and mortgage companies.
Good Luck.
2007-12-26 12:26:16 · answer #1 · answered by Anonymous · 0⤊ 0⤋
There's more pieces to the puzzle than just down payment. Credit, income, reserves in assets, the property you are interested in, etc.
Having a big down payment is a good start, but you really need to speak directly with a banker who can go over the entire qualification process with you. Make sure to get a full approval before you start shopping for a home.
Best of luck! Let me know if I can help in anyway.
2007-12-27 08:50:55 · answer #2 · answered by Quicken Loans 5 · 0⤊ 0⤋
I think with that much down you should be able to find someone that will finace the rest if not offer the seller cash for the house if you know they are motivated and the house has been on market for a while. You can also try seller financing. If that doesn't work just save up the other 40% and have a paid for house. This is America; anything is possible.
2007-12-26 11:56:28 · answer #3 · answered by new_style27101 2 · 0⤊ 0⤋
When you say you've been "here" just 2 months, where is "here"? Here in some town or here in the US or what?
No matter what the amount of the down payment, you'll need to have acceptable credit and show that you're able to make the payments.
2007-12-26 12:46:22 · answer #4 · answered by Debdeb 7 · 0⤊ 0⤋
Lenders look at your ability to repay the loan. If you have a decent work history, good credit score and your debt to income is reasonable, you have a great down payment which will help, you should be able to secure a loan.
Contact some lenders in your area to see what programs are available to you.
2007-12-26 12:03:58 · answer #5 · answered by godged 7 · 0⤊ 1⤋
If your income is high enough to make the payments you will not have a problem with that kind of down payment, and your job is a solid one.
2007-12-26 12:00:42 · answer #6 · answered by Landlord 7 · 2⤊ 0⤋
go to a bank...dont fall the the internet mortgage...you have to have a work history.
and, dont tell real estate people how much money you have the will take advantage of you...just look at houses you like and, then make an offer to the seller thru the real estate person...(the real estate person has no right, and does not need to know your finances)...only the bank needs to know because they will be financing you.
2007-12-26 11:53:43 · answer #7 · answered by Winters child 6 · 0⤊ 0⤋