Home Buying in Portland>Question Details

Cat, Renter in Topeka, KS

Can you buy a house without a job?

Asked by Cat, Topeka, KS Sun Mar 3, 2013

i know this is probably a ridiculous question but i'm going to ask any. i have a house in mpls that i am going to rent out when i move to portland. my current job is going to let me do freelance for them at a set price every month for at least several years. i have lots of savings in the bank. and i am thinking about buying a 2 bedroom condo and renting one room out. will any bank give me a loan based on those things?

also, i've noticed that the cheapest condos are in northeast portland. is that a really bad part of town? is it not worth looking in that area? here in mpls the northside is really bad. houses are selling for $30,000 - $40,000 cuz most people know it's gang territory and don't want to live there.

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Marvin Von Renchler’s answer
Lots to consider here. The mortgage world has changed so much in just the last 1 1/2 years that it almost does no good to have been in it a long time. I was a mortgage broker from 1980 to 2009 and even after trying to stay up with the industry have almost no idea of what it takes to qualify now. There USED to be ways around your situation, in that some programs would take your income or monthly loss from the property/properties you kept as long as you had signed rental agreements. Some would take the income of the 2nd unit on what you are buying. Any mortgage agent now who is worth their salt should be quickly able to answer that.

Real estate people will lose their license by advising about crime, race, etc etc in any particular area. There are some great websites devoted to Portland crime stats but right now I cant remember them--Im sure someone will chime in. There is NOTHING ridiculous about your question, its VERY valid and shows that you need advice and careful planning before committing to any plan.
1 vote Thank Flag Link Fri Apr 12, 2013
Hi Marvin, thanks for your thoughtful and kind reply. I have decide to not buy a house until i've lived there for at least a couple of years, have a good job, and know the area better. in fact, i'm starting to think owning a house kind of sucks. i'm working right now to fix mine up for the sale, and its all such a pain. i might be better off just renting till I can buy a piece of land and put a tiny house on it. thanks!
Flag Fri Apr 12, 2013
Realtors do not make determination of crime or no crime areas. Informations like this are public records and prospective buyers can decide by themselves to live or not live there. As for prices, it is controlled by what people are willing to pay regardless of what area
1 vote Thank Flag Link Mon Mar 4, 2013
If you have a written contract with that company stating how much they will pay you and for how long, that just might qualify you with a lender. I have a great lender I would love to refer you to if you don't already have one you love. It doesn't take very long to find out and at least get you some information for the future. Many neighborhoods are very sought after in NE Portland. That area within our Portland Metro area consistently has some of the lowest inventory levels (active homes for sale) of all areas. Please do not hesitate to contact me if you are interested in talking further and to see if we would be a good fit to help you in your search. Good luck!
Mandy Lewis
1 vote Thank Flag Link Mon Mar 4, 2013
Tomi Thigh

You can buy a house without money down
1 vote Thank Flag Link Sun Mar 3, 2013
You have a job and that is a start. I can set you up with a lender to see if qualify for a loan? It will depend on how much your house payment is covered by the rent. We have no $50,000 condos. The smallest depending where you want to live are 2 bedrooms $120,000 and up 5 miles from down town. Downtown they start at $150,000 for 450 sq ft. Northeast is close to town and shopping and that means the price is higher than out in the burbs. Good luck, Tom Inglesby, Broker Re/MAX Equity Group
1 vote Thank Flag Link Sun Mar 3, 2013
Some options are owner carry contact if you have a good down payment you might want to look in Vancouver no state income tax and prices are lower better areas
1 vote Thank Flag Link Sun Mar 3, 2013
Sure if you have a lot of assets or a lot of cash. Pretty tough though. Very hard these days to get a loan with freelance work only.
1 vote Thank Flag Link Sun Mar 3, 2013
Lending requirements have tightened up over the last few years for home buyers. I suggest you speak to a mortgage broker to determine what is your best course financially. If you would like a few referrals for local brokers I can help you with that.

Best wishes,
Shelly Casteel
Principal Broker
Oregon Realty Co.
1 vote Thank Flag Link Sun Mar 3, 2013
The website that has the information you want is http://www.portlandmaps.com and there is a drop down at the top that has crime statistics for any street address. Some of the crimes are grouped together. One of the highest crime rates for car break-ins is in NW Portland above the Pearl a very nice part of uptown but very high density with very little off street parking so it is crime waiting to happen in a hip neighborhood to live in. Good luck to you. Tom Inglesby, Broker
0 votes Thank Flag Link Fri Apr 12, 2013
Thanks for the great link Tom!!!
Flag Sat Apr 13, 2013
It's not a crazy question. It would be best to get in contact with a mortgage broker to see what they can do for you. If you currently have a job and you are switching locations but staying in the same career you would have to provide paycheck stubs to show your income. However, usually when you have your own business (is really what freelance is) they require 2 years of your taxes to show what you're earning. So nobody can really give you the right answer, you really have to speak to a mortgage representative. Best of luck.
0 votes Thank Flag Link Sun Mar 17, 2013
Freelance implies that you'll get paid if/when you work. I doubt any lender will just on that.
0 votes Thank Flag Link Fri Mar 15, 2013
First I don't think this is a ridiculous question. You have a difficult yet not abnormal in Portland, working scenario. As Mandy Lewis suggested you will probably be asked to provide your contract as verification of income and will need to qualify off of your set price. I think the real hurdle here, again not abnormal in Portland, is that you will have to qualify with both the payment from the new condo mortgage and 25% of your house mortgage providing you can present a rental contract.

In my experience your not out of the running yet! Good luck. If you have any other questions concerning the financing feel free to email me!

Kirista Trask

Mortgage Loan Consultant
MLO 1012041
Pinnacle Mortgage Bankers
Equal Housing Lender
Direct 541-221-3059
Office 971-544-7192
Fax 971-544-7160
0 votes Thank Flag Link Fri Mar 15, 2013
Yes, you are right; it is a ridiculous question.
0 votes Thank Flag Link Sun Mar 3, 2013
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