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Net worth 200k+, can i get a home loan?

Hello-
Can I get a home loan to buy a condo in New Jersey without a full time job?  I have 200+k in the bank.  I rather get 1 bedroom condo with home loan instead of paying cash.  If you have sources or suggestion, please let me know, appreciate it.

Thanks,
-/cb
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July 07 2012 - US
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Answers (8)

this is when you deal with someone local, a local lender or broker that can make decisions external to their checklist.  Big banks will be a waste of time.

of course, if you can't make it happen you could always do the opposite, buy it with cash, take a cash out mortgage on the house after you own it to fund the business.   but i would expect that rate to be higher- might save some closing costs...not sure- but consider it and get with someone local to put some numbers to it.
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July 08 2012
Bump this tomorrow when more lenders tend to post. However, I think the problem is going to come from basically having changed employment to self-employed. I think lenders are going to want 2 years worth of taxes from the new business before they are able to lend you a mortgage on a home. Hopefully, I am wrong.
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July 08 2012
Hi,

The first thing you need to do is talk to a mortgage broker.  They have many kinds of programs unlike a bank which has only their own product.  A mortgage broker will go through this process with you and determine how much house (or condo) you are eligible to buy (or not, depending.)   

Good luck!
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July 08 2012
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To clarify.  I have last 2  years tax returns (avg. w2 140/per year).  No full-time job since March 2012.  Currently setting doing my own business. Instead of leasing/renting a place and spending 15k per year over the next 12 months, I'd rather buy a place.  I can buy a place in cash but as I mentioned I do not want to deplete my bank balance and so rather get a home loan, pay 20% down payment which is not a problem.  Where can I get a home loan and sources of finance who would lend without a full time job?  I have the other required parameters, credit score, down payment etc. all lined up.  Thanks.
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July 08 2012
You need to talk to a mortgage broker, maybe they can guide you as to what you need to do in order to be able to qualify for a loan.  Since you just started to work on your own, maybe you need to wait for two years, to establish a track record.  Lenders will request your last 2 IRA returns.  Good luck!
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July 07 2012
Hmm, the Dodd Frank act did away with loans based on stated income, so the income you have from your new business really can't be counted until you have two years tax returns. They simply can NOT loan money for a home unless you can prove that you have the consistent income to cover the payments.

I can understand not wanting to tie up your life savings in a home purchase. And while I also understand wanting to purchase, if I were in your shoes, I would consider a lease until you can prove stable income.
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July 07 2012
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My bank doesn't want to lend because they ask for full time job and even though i have the cash balance they don't do asset based loans.  I have enough for down payment and looking to buy something under 200k, which i can easily afford down payment and monthly mortgage payments.  I just started my own business so all i have is my cash balance, no credit card or auto debt btw.
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July 07 2012
Depends on your credit score and the cost of the condo. With good credit, you should be able to get a loan. Suggest you apply to your local bank or credit union. You can always shop around after you get one approval.
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July 07 2012
 
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