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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Qualifying The Unemployed Posted by SeanW on November 05, 2003 at 7:00 AM In Reply to: Buying Subject to and other questions posted by Ben on November 05, 2003 at 3:11 AM You don't need a job to obtain a mortgage. I bought my first house [retail purchase] using a "no-qualify" loan and putting 25% down. The interest rate sucked, but I refinanced a few months later when I had verifiable income. You "should have" a job if you already own the property and want to take cash out. But if you have a good relationship with a lender, they may just take your word for it. I used the same credit union for my HELOC that I did for my last two auto loans. I'm working (but as a low wage "temp".) But they didn't pry into anything or ask for a pay stub, etc. Although you CAN assume the existing mortgage on a subject-to purchase, most of the investors here are trying to avoid that. It's just an invitation to the lender to gouge you for a couple of points. If you're gonna rehab and flip the property within 6 months, why take on the extra expense? When you get a property, just shop around among small banks in your area for someone who can issue you a HELOC. It doesn't cost much to set up, and you aren't making any payments until you actually draw the money. Finally, there's always the private "hard money" lenders that just want to know your equity and credit score. Go hang out at the courthouse auctions for a few days and ask around, somebody will know somebody else, that makes private loans. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : You don't need a job to obtain a mortgage. I bought my first house [retail purchase] using a "no-qualify" loan and putting 25% down. The interest rate sucked, but I refinanced a few months later when I had verifiable income. : You "should have" a job if you already own the property and want to take cash out. But if you have a good relationship with a lender, they may just take your word for it. I used the same credit union for my HELOC that I did for my last two auto loans. I'm working (but as a low wage "temp".) But they didn't pry into anything or ask for a pay stub, etc. : Although you CAN assume the existing mortgage on a subject-to purchase, most of the investors here are trying to avoid that. It's just an invitation to the lender to gouge you for a couple of points. If you're gonna rehab and flip the property within 6 months, why take on the extra expense? : When you get a property, just shop around among small banks in your area for someone who can issue you a HELOC. It doesn't cost much to set up, and you aren't making any payments until you actually draw the money. : Finally, there's always the private "hard money" lenders that just want to know your equity and credit score. Go hang out at the courthouse auctions for a few days and ask around, somebody will know somebody else, that makes private loans. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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