Financing in Houston>Question Details

Mike, Other/Just Looking in Houston, TX

Financing in Houston

Asked by Mike, Houston, TX Mon Feb 11, 2013

Potential first-time home buyer here. I want to buy a $120k property. I have no verifiable income, but receive more than enough monthly financial support from well-off family members. I have a perfect track-record of paying an apartment lease on my name of $~900/mo for the past 4 years, and perfect lease payments on a new car on my name for the past 3 years. My credit is excellent, debt ratio ~10-12%, score is somewhere around 730-740. Can put up to 20% down. Any chance I can get a loan without a co-signer?

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Unless there is some sort of guarantee that they will continue to pay you the money you will have a hard if not impossible time. You see if there is no guarantee the income will continue for the foreseeable future the lenders cannot count it. You would also have to be including the income on your tax returns which I am already sure you are doing that but even doing that there is no guarantee the income will continue so you will have a hard time.

I had a hard time getting a lender to do a small cash out loan on an investment property of say $150,000 and the borrower had $5m in liquid reserves. So I hope that gives you an idea. Just recently some new regulations have been put in place for people in that situation to make things easier. Speak with some lenders to see if you do have any options but you may have to wait or get a co-signer.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157 |
0 votes Thank Flag Link Tue Feb 12, 2013
contact Terry at

tell him I referred you
0 votes Thank Flag Link Tue Feb 12, 2013
It is possible if.... you get your payments from a trust and those payments are going to continue for three years. If that fits you let me know I can refer you to someone for financing and please feel free to contact me at any time for your real estate related questions.

Best Regards

Licensed Real Estate Agent
KW Memorial
Patrick Ashby
0 votes Thank Flag Link Mon Feb 11, 2013

The answer is yes, but there will be the big question of "income". If you have no way to pay off the loan, who would provide you a loan?

Your track record will help, but you might need to go with a lender that can set up a non-conventional mortgage. Likely more money down (and all monies have to be verifiable sources) in the range of 30% and a higher interest rate. This type of loan would not be resold and the lender would keep it because of the higher interest rate.

It might be tough. I have several lenders that work with those that might need a non-conventional approach to the mortgage. Visit my web site and the resource page to find those lenders.

Mark McNitt
m 832-567-4357
Bernstein Realty, Inc.
0 votes Thank Flag Link Mon Feb 11, 2013
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