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Old 09-16-2008, 04:52 AM
rom rom started this thread
 
15 posts, read 31,658 times
Reputation: 10

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I'm first time home buyer and as I read the forum(which I'm glad I find it out learned a lot) I see I don't have neither the good credit scores nor the appropriate income proof to get any mortgage but I have some cash. my question is will a good down payment do the trick and how much that good down should be?
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Old 09-16-2008, 07:17 AM
 
Location: Broward County
2,518 posts, read 9,698,174 times
Reputation: 1333
not anymore. 2-3 years ago YES...now you have to have verifiable income.
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Old 09-16-2008, 07:30 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,101,195 times
Reputation: 1008
no shoes, no shirt, no loan
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Old 09-16-2008, 07:37 AM
 
Location: In my view finder.....
8,521 posts, read 13,557,255 times
Reputation: 8079
Have you not learned anything for the mortgage mess? Also, why would you put yourself through the loan process if your "house" is not in order?

You would be coasting yourself money.

No more EZ loans, those days are over.


Quote:
Originally Posted by rom View Post
I'm first time home buyer and as I read the forum(which I'm glad I find it out learned a lot) I see I don't have neither the good credit scores nor the appropriate income proof to get any mortgage but I have some cash. my question is will a good down payment do the trick and how much that good down should be?
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Old 09-16-2008, 10:51 AM
 
Location: Cary, NC
1,036 posts, read 3,629,100 times
Reputation: 503
Its not always true that you need income proof... but if you don't have it you better have excellent credit (at least 700, really 740) and at least 10% down. Anything less than a 700 score and you will usually have to show the 2 years tax returns and paystubs.

As mentioned, if you know you have problems with credit you should focus on that first. While you are doing that keep saving up money and once your credit is in order see where things are at. Its hard to say what the qualifications will be 6-12 months from now.
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Old 09-16-2008, 11:20 AM
rom rom started this thread
 
15 posts, read 31,658 times
Reputation: 10
Thanks guys for replies.
House is in order ,just withdrew some money from my credit cards 2 years ago to buy a home in the country which I'm right now (%8 average interest rate compare to %13 mortgage rate here) which though I have paid regularly and over the minimum it has lowered my good credit score, and I did not need to have US level income since cost of living is cheaper here but want to move back to US and will have over $100k by selling whatever I have here and paying my debt .
My mortgage payment on a $250k house will be less than $1000 a month which is the same as I rent a place .so I don't think I'm doing something wrong but just need to figure out how to do it.
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Old 09-16-2008, 08:40 PM
 
Location: Southeast Georgia
65 posts, read 215,995 times
Reputation: 46
Quote:
Originally Posted by rom View Post
Thanks guys for replies.
House is in order ,just withdrew some money from my credit cards 2 years ago to buy a home in the country which I'm right now (%8 average interest rate compare to %13 mortgage rate here) which though I have paid regularly and over the minimum it has lowered my good credit score, and I did not need to have US level income since cost of living is cheaper here but want to move back to US and will have over $100k by selling whatever I have here and paying my debt .
My mortgage payment on a $250k house will be less than $1000 a month which is the same as I rent a place .so I don't think I'm doing something wrong but just need to figure out how to do it.

Less than $1000 a month on a 250K house??? Even if you use the whole 100k as a down, I still don't think you'll come in under $1000/month.
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Old 09-16-2008, 08:52 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,595,900 times
Reputation: 249
you just cant forget about taxes, insurance and any Home Owners Association fee's
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Old 09-16-2008, 09:16 PM
 
Location: SW Missouri
15,533 posts, read 29,261,945 times
Reputation: 21270
Quote:
Originally Posted by rom View Post
Thanks guys for replies.
House is in order ,just withdrew some money from my credit cards 2 years ago to buy a home in the country which I'm right now (%8 average interest rate compare to %13 mortgage rate here) which though I have paid regularly and over the minimum it has lowered my good credit score, and I did not need to have US level income since cost of living is cheaper here but want to move back to US and will have over $100k by selling whatever I have here and paying my debt .
My mortgage payment on a $250k house will be less than $1000 a month which is the same as I rent a place .so I don't think I'm doing something wrong but just need to figure out how to do it.
So why don't you just buy a $100,000 house for cash?

20yrsinBranson
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Old 09-17-2008, 07:52 AM
 
Location: Tampa,FL
54 posts, read 238,709 times
Reputation: 18
The closest you will get to a no income doc is a stated loan right now. I am pretty sure the max LYV is 75% on these. You do need a 700+ score and at least someone that can verify your employment. They wont verify your income, but they do want to know you at least have a job.
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