Financing in 98368>Question Details

paul, Home Buyer in Auburn, CA

with 38% down would lenders still require income verification???

Asked by paul, Auburn, CA Thu Jul 11, 2013

$388k sales price with $150k down

0 votes Share Flag Financing in 98368

Help the community by answering this question:

Answers

5
Yes you need income verification. You can check us out at http://www.TheMortgageOutlet.com and give us a call. One of our loan officers will look at your situation and present you with some options.
0 votes Thank Flag Link Sat Jul 13, 2013
You could put 90% down and they would still want income verification.
Web Reference: http://TriStarFinance.com
0 votes Thank Flag Link Fri Jul 12, 2013
Yes Paul any commercial lender(bank or mortgage company) will require income verification. Your best opportunity would be a private lender. Many individuals with high net worth are making these types of loan because of the security of real estate and the equity you create with a large down payment. Contact me if you need further direction. Kevin Miller 23 years of local service in Port Townsend Wa.
0 votes Thank Flag Link Fri Jul 12, 2013
Paul,
Conventional and even portfolio lenders will want to verify credit, income and assets regardless of the down payment. A hard money or equity lender may consider doing this type of loan, but typically they are very high in fees and rates and the term of the loans is short, so you'll need to have things in order to refinance or sell in a few months.
If you want to find a hard money lender, check with some local mortgage brokers.
0 votes Thank Flag Link Thu Jul 11, 2013
Definitely
Even with a larger down payment ... Income verification needed
0 votes Thank Flag Link Thu Jul 11, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer