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However, my father can cosign; he has a (mostly) stable work history(10+ years at six figures with same employer, recently got laid off, out of work for over a year, now making six figs again) and a 700ish credit score. My credit score is 650; never been late on a payment, just had high credit card debt that I payed off all at once. I've never had a real job long enough to note.
Can I get a home loan? How should I pursue it, HUD? If not, is my best option a owner financed loan? I know they can kill you on the interest rate, but it's better than renting, no?
How do you expect to pay the mortgage with no steady employment and why would anyone in their right mind want to give you one?
If I were you I wouldn't ask my father to co-sign onto such conditions either. What if he loses his job again and has to worry about carrying you too?
Either find a place you can buy for the cash you have or get a two family which entire rent will pay the mortgage.
Well, I play poker for a living. I pay taxes but it's not consistent with the type of employment lenders are satisfied with. In some states this is changing, but not in mine. And so I have steady employment, it's just that I cannot get a standard loan on my own due to aforementioned reasons.
You could possibly go through a hard money lender but the terms would not be great. Expensive loan and close to double digit rates.
You might also consider buying a owner financed home where the seller of the home finances the purchase but going through a traditional bank will not be feasable for you in today's market.
could you take a personal loan from you father and just buy a home outright and pay him back (I would assume he probably trusts you due to the fact he is willing to put the name on the loan)--?
If you can put "up to 40% down" why not just take that 40% and buy a house outright that is valued at that amount of money? Anyone who lends you money with your record is nuts or will charge you double digit interest and break your kneecaps if you default.
if you are desperate for solutions then its not time. co-signing, do you really want your first house dependent on your parents? or even a personal loan from them sucks because they have plans and now they have to lend it to you, there may be some resentment, renting is not a bad option. you don't have to pay the taxes at least not directly, or the insurance, water bill, school taxes, property improvements, and if you want to relocate or move you give your 30 days and go. your options are open. if you rent a condo you don't even mow the lawn. i take it you have at least 40 grand you could maybe rent with the option to buy until your job history is deeper.
In all the banks that I've worked for you couldn't be considered a Borrower or even co-borrower. Your Dad could be the Borrower and you could be a co-owner of the asset, but with no credible source of income you couldn't qualify to borrow anything more than what your adjusted tangible net worth would allow.
Unless you have a credible source of income (which could include income from trusts, investments, etc), you can't really qualify for a loan.
In other words you want to borrow 100K with no income? I hope you have 100K in assets assigned to the bank. Prefereably a CD.
I see. A lender is probably not going to be feasible. However, if an owner is willing to take back the paper on their home based upon seeing your income tax filing that would be a decent option. The only problem with that is that the house must be free and clear from any current mortgages, ie, paid off.
No, don't get a mortgage!!!!! You'll end up paying upwards of 3x more for the home than if you paid cash.
If you can put down 40%....buy a house outright (find a fixeruper or forclosure) or save more and then buy one.
Mortgages are for people who don't have the money to buy a home (not necessarily poor people...just people buying something they don't have the money for). It sounds like you are resourceful and can avoid that altogether.
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