Situation…investor with no income, possible chance to buy a free and clear $90K house in good condition, need first mortgage of $30K, which is only 33% LTV. The seller will finance the rest. I would have to think the risk is very small for a lender, but how does the lack of income come into play? Thanks for any comments and/or suggestions.
You can do a No Doc loan but no lenders will touch anything under 50k usually.
What is your credit score? Do you own a house now?
No assets, no income, FICO scores 738, 710, 693.
Would you be willing to do a 65% 1st mortgage with the seller holding the rest?
That would bring your loan amount up to meet minimums and could easily be done with a NO DOC.
There are many lenders who will do a loan with no income, no assets, or even no ratio…