Financing in 10314>Question Details

geko69, Home Buyer in Staten Island, NY

I am newly resident in USA, How can I get a loan ? While I dont't have work, but I can pay up to 40 % downpayment .

Asked by geko69, Staten Island, NY Wed Apr 3, 2013

1 vote Share Flag Financing in 10314

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Good afternoon geko69,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

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0 votes Thank Flag Link Wed Apr 24, 2013
I'm Marsha Goodman, and I'm a Mortgage Loan Officer committed to helping all of my clients fully explore their home loan options and feel confident about their choices. In my 35 years of experience working with third party affordable housing assistance programs, conventional conforming and "jumbo loans", government loans, home equity lines of credit and investment property loans and more, I've been able to share my knowledge of the mortgage industry and especially the Peartrees City market. My website offers resources and calculators for your convenience, and I’m available to assist you at any point along the way toward meeting your home loan goals.Email Us:
0 votes Thank Flag Link Mon Apr 8, 2013
Good morrning,
could you please send me your phones numbers . it will be easier to contact you. thanks
Flag Tue Apr 9, 2013
If you don't work it's probably not a great idea to get into a debt of purchasing a house there are other expenses then just a mortgage such as taxes and water etc. I would venture to say that you probably wont be able to get a loan without an income.
0 votes Thank Flag Link Fri Apr 5, 2013
Since you state that you don't work, purchasing at this time may not be a good idea, how will the mortgage, and other ownership expenses be paid......
0 votes Thank Flag Link Wed Apr 3, 2013
You should apply for a mortgage with bank or banker whom have program for 35% down without income verification.
If you have problem to find one, you can call me and I'll point you in the right direction.
(917)797-9793 Edward
0 votes Thank Flag Link Wed Apr 3, 2013
Do you have family members in the US that work? Perhaps they would co-sign on your mortgage? Good luck!
0 votes Thank Flag Link Wed Apr 3, 2013
Good Morning
With 40% down you have many options including owner financing. The first step for you is to gather all the information you can find. Than choose the lender and experienced loan officer. The type of lender you choose is important. You will find information that will serve you well at Read the articles in the numbered order and you will soon have an effective step by step process that will serve you well. And be sure to read about the MCC tax credit.
When you have gathered all the information you will find loan officers and real estate agents in your area offering their services on Trulia. A very good source.
This is a perfect time to buy. Best of Luck, Stephen
0 votes Thank Flag Link Wed Apr 3, 2013
How will you pay back the loan? You say you don't have work. Do you have income? And from what source? There is much more to purchasing a home than just the amount of the down payment, you also need income, a credit rating and so on. If you have those things, you may want to consult with a mortgage lender to find out what you need to do and how to go about doing them.
0 votes Thank Flag Link Wed Apr 3, 2013
The two most important things that Lenders look at are your record of paying bills, and your ability to pay future bills:
How likely are you to continue to pay your obligations, and,
The sources for your money to pay them.
If you have lots of money in investments and savings, you could get by, but they generally want you to have a job; a continuous influx of money.
0 votes Thank Flag Link Wed Apr 3, 2013
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