I don't have an income...

Financing, Hard Money Lenders, Private Money
1

Hi, I’m a college student who understands the value of not throwing money out the window by paying rent. As such, I keep my eyes open for properties for sale around the area, knowing that I could rent parts of the property out as well as live in it, saving lots of money while the others pay my mortgage, essentially. I have enough for a down payment, but my intuition tells me that banks will not lend to those without an income, even if I tell them that it is an income generating property. Is there any way around this? Thanks!

2

You can do a “no doc” loan. They will not verify employment or income. This is a very simple loan that can be done quickly. If it is owner occupied, 100% financing is available.

3

for a no doc loan to 100% your credit score must be a little higher. You’d be all set with a 660 or better.

4

Get some of your college buddies to rent rooms and make your payments for you. My daughter is going to be a senior in HS next year and I would like nothing better than to help her get a home when she starts college. This is a great investment for an individual your age.

NDI

5

joseph,

Novastar will do a 95% no doc loan with a 620. So if you can come up with 5% down and get the seller to pay 6% you could be golden.

6

alot of lender will do the no doc but they will call your employment and verify that you do have a job they will not check how much you make but they want to verify that you do have a job but you do need good credit for the no doc program and your interest rate will be higher

7

you could try to find a seller thats willing to finance the property via land contract or lease option

8

what kind of rate do you get with a 100% no doc loan with 700 scores?

9

LS,

No doc means No doc. Employment and income are not even listed on the application.

10

I just looked around quickly for you, with no money down you would get an 80/20 loan. with the 1st @7.125 and the 2nd @11.75. Thats just one bank-there are others. You just need to look around

11

If anyone here can get me a 100% n/o/o NO DOC loan for 350k lmk…Minnesota…700+ scores with 2 properties on my credit report.