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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?
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
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?
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.
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.
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.
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?
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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