Terms of the transaction.
Thanks for nuggets of wisdom folks. This is great and let us just hope the economy
and housing pick by spring next year.
We do business with 1 niche lender who DOES do stated income/ verified assets loans- so that is a possiblity. But the rates are going to be higher than what the typical market rates are. If you'd like more info, please contact me. Thanks,
want to make sure the rent on the property (let us say I am buying this as something I plan on renting out)
will cover expenses. The downside is you need something like a 25% down, pre-payment penalty,
and will get a 5 or 10 year fixed. Which is fine since I do plan on getting employed once this economy
If you can afford to pay cash for a home, this is clearly the best route to go....on the other hand, if you are not willing to part with the capital you currently have other options must be explored.
The likelyhood of a lender providing a loan to an unemployed individual are very slim regardless of what assets are. These are times of accountability for lenders as well as borrowers and banks and their lending practices are under close scrutiny.
Many people in your similar situation are seeking a "lease purchase" arrangement that allows them the best of both worlds by renting with an agreement to purchase the property. A percentage of the rent is normally credited toward the agreed purchase price.