Home Buying in La Quinta>Question Details

maiseivers, Home Buyer in La Quinta, CA

I have money for a down payment and money to pay $950.00 rent but I cant get a loan. , I dont have a job and cant get a loan. why is this?

Asked by maiseivers, La Quinta, CA Sun Jul 8, 2012

How can I get a listing of owners financing?

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5
Good Morning Maiseivers !

In the loan business, its not "a job" they are after, but a source of continous income. Income can be an allowance, or retirement fund, or dividens from a large investment, etc, etc.

Loan officers and mortgage banks differ in knowledge and resources. If you have a steady income and your credit is adequate, then with the right amount of downpayment you should be able to get a mortgage.

Please send me your contact information so that we can discuss further and I can point you in the right direction. My email is : MariogRealty@gmail.com

Most Kindest Regards,
Mario Gonzalez
Realtor Associate
714-363-8425
The Nazar Kalayji Group
PROVIDENT REAL ESTATE
Chase Bank Preferred Agent 2008, 2009, 2010, 2011
Short Sale & Pre-Foreclosure Certified *
REO Buyer Agent & Distressed Property Certified
DRE LIC 01708214
1 vote Thank Flag Link Sun Jul 8, 2012
Why can't you get a loan?

Well, because no one will lend money unless there is an indication (ie: job) that the borrower has sufficient income to repay the loan on a monthly basis!

I am not sure what you mean by saying you have "rent" - perhaps you mean you have savings to enable you to pay $950 a month in mortgage payments (for how long?)....What is your source of income?? If it's not a job - then what?

Savings can be depleted......therefore...an income is what is needed to qualify for a loan.

Even owners offering financing, who may be more lenient that a bank, will want to see some proof that you are able to make the monthly payments.

Best wishes............
1 vote Thank Flag Link Sun Jul 8, 2012
There are two parts to getting a Loan;
Your Credit Score/History of repaying your debts, and,
You Job History, your abilty to repay the Loan.

If you don't have money coming in, how do you expect someone to loan you money?
1 vote Thank Flag Link Sun Jul 8, 2012
Sometimes it may be where and who you spoke with.
For instance if you go to a bank they have few options as compared to a good independent lender.
http://www.southern-california-home-loans.com

Try again and if you do not succeed, I am sure the lender will explain it to you.

Harold Sharpe - Broker
So Cal Homes
(951) 821-8211
harold@homelaquinta.com
http://www.homelaquinta.com
California Department of Real Estate Broker License # 01312992
0 votes Thank Flag Link Sun Jul 8, 2012
There is no such public list but some of the listings in the MLS do show owner financing is possible. I have an automatic search set up for those and can send you the listings I know of that offer this. But even an owner financing their property is going to want to see a reliable income of some sort to show how you are going to continue to make the payments over time. If you can show this then please give me a call to talk further about this to see if I can help you.
Best Regards,
Camille Victour
ProNet Properties
Cell: 760-636-6989
Camille@ProNetProperties.com
http://www.YourDesertRealtor.INFO
DRE Lic # 01884400
0 votes Thank Flag Link Sun Jul 8, 2012
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