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Old 11-05-2007, 07:38 AM
 
34 posts, read 199,220 times
Reputation: 32

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Hi all,

my house is getting built (Katy TX) as we speak and i think that closing will be sometime in January of 2008. There is one problem i do not have an employer yet in Houston or Katy area. I currently live in NW Indiana and work out of Illinois and it seems like nobody would like to finance me unless i have an employer out by where my house is getting built. My credit is excellent (750) from what i was told, especially for my age (24). I am a first time home buyer and don't want to get bullied by the lenders. So far i have been told to do a "no-doc" loan where it is unnecessary to document everything in the loan application but instead you get hit with a bigger interest rate and a 5% downpayment. Can anyone help me with this matter and let me know if you are moving from one state to the next and don't have an employer yet how to get financed. My plan was to close on the house in January but not move out to my new home till i have found a job out there and since i have a good job out here i was going to make the payments from here. Help!?!
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Old 11-05-2007, 08:35 AM
 
5 posts, read 24,704 times
Reputation: 10
I'm interested in the answer to this question too. We will be in a similar situation next summer since we have decided to move back home to Tx.
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Old 11-05-2007, 08:43 AM
 
Location: San Antonio-Westover Hills
6,878 posts, read 17,817,169 times
Reputation: 5139
I was under the impression if you want a no-doc loan you need 20% down. Yes, your interest rate can be slightly higher. What about a stated income loan?

Are you self-employed or did you win the lottery? Does your spouse work? Why on earth would you buy a house if you aren't working? I know, it's none of my business. It's just odd. Sorry!
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Old 11-05-2007, 09:22 AM
 
Location: Pittsburgh N. Hills / Houston-Clear Lake
8,156 posts, read 26,430,083 times
Reputation: 4395
Usually you need a steady job to get a car loan, much less a home loan!!! Or even a lease! Used to be if you did qualify for a conventional, 30 year mortgage zero down, you still needed ~ $8-10k or so in your savings account. That is, after you proved a steady income. I thought lenders were cracking down on these semi-subprime loans.
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Old 11-05-2007, 10:07 AM
 
1,290 posts, read 4,836,417 times
Reputation: 717
I could have sworn "no-doc" loans were usually "Good" loans. Like you have money in the bank and are putting a large percentage down and you have stellar credit, so they just do a no-doc since they are pretty sure you are a "good" borrower. I could be incredibly wrong about that.
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Old 11-05-2007, 11:41 AM
 
Location: San Antonio-Westover Hills
6,878 posts, read 17,817,169 times
Reputation: 5139
They are good loans, you are right in that. They are not subprime loans.
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Old 11-05-2007, 04:45 PM
 
26 posts, read 104,868 times
Reputation: 27
We did it. We moved from NJ to Houston w/o jobs. I am very employable, and the job marked in Houston is fantastic. With the profit we made from the sale of our NJ home, we have a nest egg till we find jobs.

We were told be our lender that we were lucky to get a no-doc loan, as they are not doing them anymore (this was in August). It might be quite difficult to get one now.
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Old 11-05-2007, 08:37 PM
 
1,352 posts, read 4,158,994 times
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I no that BOA (Bank of America) was doing no docs loans last year with a minimum credit score of 680. You might check with them. It may be a bit difficult now with the mortgage crisis.

If you have a good job in IL and great credit, you should be able to get a mortgage through your current banking institution - did you try that? If you bank with a small bank it might be a problem, you should try opening an account with a national branch (i.e. BOA; Wachovia; etc.).
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Old 11-07-2007, 12:03 AM
 
Location: West Hempstead, NY
65 posts, read 279,895 times
Reputation: 51
Quote:
Originally Posted by QKIBO83 View Post
Hi all,

my house is getting built (Katy TX) as we speak and i think that closing will be sometime in January of 2008. There is one problem i do not have an employer yet in Houston or Katy area. I currently live in NW Indiana and work out of Illinois and it seems like nobody would like to finance me unless i have an employer out by where my house is getting built. My credit is excellent (750) from what i was told, especially for my age (24). I am a first time home buyer and don't want to get bullied by the lenders. So far i have been told to do a "no-doc" loan where it is unnecessary to document everything in the loan application but instead you get hit with a bigger interest rate and a 5% downpayment. Can anyone help me with this matter and let me know if you are moving from one state to the next and don't have an employer yet how to get financed. My plan was to close on the house in January but not move out to my new home till i have found a job out there and since i have a good job out here i was going to make the payments from here. Help!?!
Why would you buy a new home before you move to a new city in a new state without a job? Just my opinion but you should lease a home for a year or two to ensure you love it and THEN purchase. What if you decide Houston is not for you in a year? What if you have a problem finding proper employment at a proper Salary? This is what I've done, I LEASED a Beautiful 3 Bedroom, 2 Bath, 2 Car garage in Tomball for 2 years. Neither of us has Employment in Houston yet as well but if we still love it as much as we do now in Two years we'll then purchase. Seems to make sense to me but hey, all the luck to you. I hope everything works out great for you.
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Old 11-07-2007, 07:44 PM
 
Location: san francisco bay area
300 posts, read 1,720,616 times
Reputation: 159
Banks are concerned with whether or not a borrower can pay back a loan. Even if a person doesn't have a salary from a job, if s/he has money in the bank, brokerage accounts or other investment accounts that generate more than enough to cover debts including the mortgage, borrowers will lend the money. Let's say, for example, a person had small amount of money, 1.5 million dollars, in such accounts that generated a minimum 5% interest--75,000.00 per year. If the PIT were 2,000.00 or 24,000.00 per year and the bank was satisfied that the borrower could meet the mortgage payment and any other bills, the bank would lend the money. Although people on this board may not be among them, there are people--capitalists--who live off of the interest of their investments. Remember what they say, "if you work for capital, you are not a capitalist; if your capital works for you, you are a capitalist.

Last edited by nooneknowsmyname; 11-07-2007 at 07:47 PM.. Reason: subject verb agreement error
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