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Old 02-19-2009, 05:22 PM
 
2,153 posts, read 4,897,227 times
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Quote:
Originally Posted by WestcoastBrit View Post
Thank you all. The reason I'm putting 100K down is because my income is in the 50K mark and figure I won't get more than 130/140 to borrow. I've lived in the neighborhood for a year now and like it here, trouble is the homes start at about 220 and up. I really don't want to rent a house for $1600/1700 a month when I could have $1100/1200 mortgage payments instead.
Also, how did you get this 100,000? Im not sure if they look into that at all. But if your income is 50k, maybe it seems strange that you have 100,000 to put down as a down payment?
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Old 02-19-2009, 06:33 PM
 
Location: Nevada/Hawaii
326 posts, read 1,195,962 times
Reputation: 174
Bought the business outright. I have no debt. My 100 down is from my own savings, all legal, nothing dodgy.
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Old 02-19-2009, 06:39 PM
 
957 posts, read 861,317 times
Reputation: 195
Quote:
Originally Posted by aneftp View Post
If you think housing prices will decrease another 40-50% and think the OP may stand to lose all his/her hard earned 100K, than my friend, we are in for another great depression.
Bingo. Likely I think.

Quote:
That money you are hoarding and supposedly have in a FDIC insured bank will be gone if housing crashes another 40-50%.
Possible, although house prices still have far to fall just to get back to 2001 (beginning of bubble) levels in many cities.
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Old 02-19-2009, 06:42 PM
 
Location: Ocean County, NJ
228 posts, read 1,007,983 times
Reputation: 110
I put 100k down on a 265k house. I had two years of W2's but didn't need to show tax returns. They might not like that you're self employed.
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Old 02-19-2009, 06:45 PM
 
957 posts, read 861,317 times
Reputation: 195
Quote:
Originally Posted by WestcoastBrit View Post
I really don't want to rent a house for $1600/1700 a month when I could have $1100/1200 mortgage payments instead.
When there's that much discrepancy, and given the still-plummeting housing market, rents are almost certainly going down. I'd pay $500/mo extra in rent to not lose $1K/mo in house price.
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Old 02-20-2009, 01:49 PM
Status: "Summer, please don't leave!" (set 8 days ago)
 
Location: Asheville, NC
11,474 posts, read 25,701,761 times
Reputation: 4209
Quote:
Originally Posted by Lancet71 View Post
Trust me: If your credit is good ask a broker or bank about a "no income check loan".They usually require more money down but I think you have that covered.They'll pull credit obviously but if you're putting 40% down you shouldn't have a problem. You could also try Fremont Bank. They are supposedly a bank that is also very flexible based in California.
Are the interest rates higher then?
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Old 02-20-2009, 10:16 PM
 
5 posts, read 11,722 times
Reputation: 10
Put an ad out for a single person with a long term good paying job, to get married to you just until you qualify for a loan, in exchage for $10,000. I am sure you will get plenty of women to respond to that.
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Old 02-20-2009, 10:30 PM
 
Location: Northwestern VA
982 posts, read 3,023,306 times
Reputation: 559
And if I were you I would NOT follow this posters advice. Why rent when you have no way of knowing if the rent you pay every month is even being used to cover the mortgage? Homeownership is NOT a big gamble, it's one of the best investments you can make right now. Isn't that what they say about the stock market? Buy low, sell high? Why WOULDN'T you do that with real estate, especially knowing that the pay off is much higher than the stock market? Who cares if you have to hold on to the house for several years. Isn't it still more than you would have made if you'd done nothing? Don't sit on the fence! Fence sitters are contributing to the stagnation of our economy.

If I were you, I'd keep looking, and not necessarily for a hard money lender. What were you doing before you became self-employed? You should be able to use that to establish income history.

Quote:
Originally Posted by KerryB View Post
IMO, you'd have to be completely insane to put down $100K of cold hard cash on a home right now when you could turn around & lose it all.

Homeownership is a BIG gamble right now. If I were you, I'd rent for the time being & hold onto your money. See where all this is headed.
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Old 02-21-2009, 11:41 AM
 
Location: Olympus Mons, Mars
5,000 posts, read 8,034,941 times
Reputation: 4920
Buying a house right now may or may not be a gamble, it really depends on your local market. Here in Southern California homes are still 30-40% overvalued and completely unaffordable, foreclosures are mounting, Alt-A loans are still slated to reset in the 2nd half of 2009, people are getting laid off in droves and things don't look good for prices in the near future. For that reason staying on the sidelines in this area is the best decision.

Last edited by k374; 02-21-2009 at 11:50 AM..
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Old 02-21-2009, 01:25 PM
 
Location: Nevada/Hawaii
326 posts, read 1,195,962 times
Reputation: 174
I've spoken to 10+ lenders (and my bank) and they've all said the same thing. They need 2 yrs of returns from my current business. My previous 8 yrs of returns do not count. Foriegn National loans require a 165K down payment according to HSBC. I'm now looking at rentals in my area and will try for a loan in 2010. Thank you all for your input.
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