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Profile picture for punkintoze

Temporarily unemployed but have up to 50% to put down. Can we get a mortgage?

I was told recently that we might be able to get financed by putting 30% down even if unemployed. We can put down up to 50%. Can we get financed somehow? The person mentioned a 2-3 year note. I don't really know what that means. Also, would a loan like this have a higher rate?

My husband will be working soon, but I have a small home-based business that I can't do out of our rental. We're in a hurry to buy something and get things going.

Any help is appreciated. Thanks!
  • March 16 2010 - Nashville
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Answers (6)

Best Answer

If you want the kinds of interest rates and terms that are the most beneficial to you, then you  want a conventional or FHA or other government guaranteed mortgage (such as a VA or USDA). All of those are going to require income verification. You do mention that you have a small home-based business.....is there perhaps enough income from that to qualify?

Otherwise the rest of your options are going to reside with hard-money lenders who will charge a premium interest rate for your loan, along with high fees. A local bank may be willing to do the loan if they know you and don't sell their loans to Fannie/Freddie/HUD but rather portfolio them inhouse instead.
  • March 16 2010
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Profile picture for FFG123
By the sounds of it you might have to go hard money or private money.  We are able to assist with hard money and private money loans.  The rates will not be traditional nor will the terms. Best of Luck.
  • May 03 2010
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Profile picture for wetdawgs
Weren't you asking these questions a few months ago?  If your husband is still unemployed several months later, you may be shooting yourself in the foot trying to get expensive funding for a home until you have some security of income. 

If your home based income is based on having a more commercial kitchen, perhaps it is time to rent time in a commercial kitchen to reestablish an income stream so you can go the next step to purchase a home.

  • March 16 2010
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Most likely, Hard Money would be your only option.

Try to avoid if you can.

Good Luck
  • March 16 2010
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Hard money would be your only choice in your current situation. You would be looking at a rate on a 30 year fixed due in 15 years around 11%. It would make a lot more sense  to continue what you are doing until you can qualify for a traditional loan. .... Best wishes, Rudi
  • March 16 2010
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Nope, not if you want conventional financing.  You can search for hard-money lenders but would be better off waiting until you have income that can be documented.

  • March 16 2010
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