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,
The Nazar Kalayji Group
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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.
For instance if you go to a bank they have few options as compared to a good independent lender.
Try again and if you do not succeed, I am sure the lender will explain it to you.
Harold Sharpe - Broker
So Cal Homes
California Department of Real Estate Broker License # 01312992
DRE Lic # 01884400