Can a Canadian/American Citzen with One Year of Residency get approved with 50% down

I have a client that moved here one year ago and got her SS # a year ago. She only has one year of income from self employed business. She is looking to buy a condo in Dallas and has approximately $40K to put down on an $85K condo. What are the chances of getting her approved?
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February 25 2012 - US
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Answers (3)

Get a private investor to buy the home on a 20% down-payment loan (Conventional financing), take 50% down, and offer fair interest rates. The investor can can take part of the 50% down as pre-paid interest and in a year or two, the buyer can finance the purchase. The down-payment can be for a contract purchase or an option consideration.

You can get my advice on a similar question I just posted an answer to regarding someone who is buried in a rental property.
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February 26 2012
We need to see 2 years of self employment history for the income to be eligible....

There could be issues with the length of residency/SS# history, I really don't know without doing research..

And what's the HOA status of the condo? (default%, occupany ratios, etc)....

Unfortunately your clients are easily approvable at this time, have your clients spoke with local lender yet?

best, Jeff M
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February 26 2012
As a Certified International Property Specialist, she will be easy to approve.

All the best,
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February 25 2012
 
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