Financing in Miramar>Question Details

ive mar, Home Buyer in North Miami Beach, FL

can i buy a house with 50% downpayment with no credit check and employment verify?

Asked by ive mar, North Miami Beach, FL Fri Sep 30, 2011

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Why are we responding to 2 years old inquiries? and then everyone receive an unnecessary notification?
0 votes Thank Flag Link Wed Jan 9, 2013
You can buy with owner financing with 10% down and any credit considered. Call or email for more info,\.

Roger Lovelady Realtor
Daniel Crapps Agency, Inc, Florida
cell 386-365-7039
0 votes Thank Flag Link Wed Jan 9, 2013
Of course you can buy a house this way. It's not a big deal. Call me at 954-830-5300, I just closed a property for a buyer with no pay stubs who had recenty been foreclosed on.

Not many agents are comfortable handling a situation like yours, but I am. . If you are a serious buyer, we can start right away. Call me at 954-830-5300 or

Howeard Gordon
Broward Brokers
0 votes Thank Flag Link Mon Oct 3, 2011
You could start with hard money. They review and approve on a case by case. If it's a good risk deal they may approve you despite your credit but they will check employment. There is no such No Doc loans anymore. The risk is too high! The downside to private money is the cost. You will face front fees as high as 5 points and rates over 10%, so unless you pay taxes for money earned it will be very hard to get an approval. My advice to you is to get that credit rating on a healthy level and your employment issue resolved at your earliest. However, you may find an investor willing to take the risk or a homeowner with enough equity willing to finance.
Laurina Emiliani
Speedy International Realty
Miramar, Florida
0 votes Thank Flag Link Mon Oct 3, 2011
No, even hard money lenders check your credit. If your credit is bad, it means you don't pay your bills.
Work on your credit with a credit counselor at your local nonprofit housing group. Pay taxes on the money you make. When yo do those 2 things, you won't have a problem getting a mortgage.
0 votes Thank Flag Link Sat Oct 1, 2011
Unfortunately, you can. With a greater than 25% down payment, cash rich, credit poor buyers can get a no doc loan. Yes, one of the BIG BANKS is at it again! Right here in FL! Please take note, I would NEVER refer anyone to a big bank for any reason. When one chooses to dance with the devil the outcome is predictable. I can only say, you have four calls to make and you'll hit the one.

I suspect there will be restrictions on the type of property that can be purchased but you can fill in the details when you come back from the meeting.
0 votes Thank Flag Link Sat Oct 1, 2011
As stated below not wit h conventional financing. You could have seller financing, or a assumable mortgage. (very few of these are out there)
0 votes Thank Flag Link Sat Oct 1, 2011
Yes, with a Hard Money Lender. They need to verify your ability to pay the loan, making sure that the property worth the value you paying for. You would have to also pay the closing costs and pre-paids, escrows. Most Hard Money Lenders have their own requirements, and they approve deals case by case, depending on the loan amount and the purchase price. I Can definetely help you, We work with such Lenders.
Andrew Muller, Weichert Realtors, Best Beach RE,
Realtor, Loan Originator
0 votes Thank Flag Link Sat Oct 1, 2011
No doc loans no longer exist. That is what got us into this foreclosure/short sale market to begin with. You need to find a realtor who knows the area that you are interested in, then you first need to consult with a lender they recommend and work with (we all have several) OR you need to consult your own lender.

The first step in buying anything in real estate is to get your pre approval letter. Then you know what you are qualified to buy. Do not move forward until this is done as a seller normally will not sign an offer to make it a contract unless there is proof of funds (for a cash purchase) or a pre-qualification letter if it is financed.

Hope this helps, and best of luck to you.

Debbie Albert, PA
Keller Williams Realty of the Treasure Coast
0 votes Thank Flag Link Sat Oct 1, 2011
As Dan said, that option through a lender is no longer available, however one option you do have open to you is if you can find a motivated seller that is willing to do owner financing.

If you are looking to purchase in an area with a surplus of homes on the market it may be possible to find a seller that is eager to move their property that would agree to some form of creative finance for a set term allowing you a few years to either obtain a mortgage for the remaining balance on the home at the end of the term or make a balloon payment if that is not an option.

If I can be of any further assistance please feel free to contact me with any questions.
0 votes Thank Flag Link Sat Oct 1, 2011
ive mar,
Not through conventional lenders. NINA's (no income no asset) loans went away with the melt down. You may find a hard money lender willing to do it, but the fees & rates will be much higher.
0 votes Thank Flag Link Fri Sep 30, 2011
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