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Bradley.blac…, Other/Just Looking in 19406

How to get a Loan for a House?

Asked by Bradley.blackshire, 19406 Mon Apr 25, 2011

I am looking to buy a house, however I would only have a part time job, but a steady one. I also have a large sum of money in the bank account and plan to pay for mortgage from the rent i receive from the rooms. Is it possible for me to get a loan? Or should I not even try? I also have no credit, the car i bought, i bought in full.

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Gregorio Denny’s answer
Part time jobs are not generally considered to be stable income. In addition, Rental income from boarders in a one-unit property that is also the borrower’s principal residence or second home is not generally considered acceptable stable income with the exception of the following:

• When a borrower with disabilities receives rental income from a live-in personal assistant,
whether or not that individual is a relative of the borrower, the rental payments can be
considered as acceptable stable income, in an amount up to 30% of the total gross income
that is used to qualify the borrower for the mortgage. Personal assistants typically are paid by
Medicaid Waiver funds and include room and board, from which rental payments are made to
the borrower.

Your chances of getting financing are not promising as a result, but this is not to suggest you should not try. Applying is free and it can't hurt.
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