Home Buying in 89144>Question Details

George Sarmi…, Home Buyer in Buena Park, CA

If I made a 50% down payment will the bank requires me show proof of employment? I'm relocating to Las Vegas, NV next year.

Asked by George Sarmiento, Buena Park, CA Wed Jun 26, 2013

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Answers

33
They do not require proof of employment if you have proof income. Many people buy homes that don't have jobs but have other sources of income. i.e. interests on trusts, social security, etc. Some banks (if you have 50% down) will do a portfolio (private in house) loan for you based on your credit and assets, sometimes using the asset as additional security. Assets can be other financial accounts or whatever they deem worthy. Of course they'll probably have the house as the main security and it's a fairly safe investment for the bank with 50% down. You would most likely have to do this through local or your preferred bank you have a relationship with. Ask them, ask around, to get an idea of what's possible for you.

If you like this answer or if it was useful to you, a quick click on the green 'thumbs up' would be appreciated.

Kim Eisen
"Helping People Make Smart Real Estate Decisions since 1980"
(651) 457-HOME (4663)

http://www.QuickHomesSearch.com
2 votes Thank Flag Link Wed Jun 26, 2013
This thread is 7 months old and should be CLOSED by the Trulia Mods.
1 vote Thank Flag Link Mon Jan 6, 2014
This is from back in June hopefully he found his answers by now.
1 vote Thank Flag Link Mon Oct 7, 2013
Email me and I will send you the contact info to the lenders we work with. If it is possible they can tell you. My direct contact info is below.

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
1 vote Thank Flag Link Wed Jun 26, 2013
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0 votes Thank Flag Link Fri Jul 3, 2015
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0 votes Thank Flag Link Sun Jun 14, 2015
I have a provider who is ready, willing and able of delivering banking instruments (BG/SBLC) for lease which can be used in all forms of projects. Our bank instrument can be used as collateral to seek for loans from different banks of choice and can be used to engage into ppp trading.


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0 votes Thank Flag Link Tue Jul 22, 2014
Yes, the bank/mortgage company usually request up to 3 months of pay stubs & a tax return or two.
Hope this helps!
Marian Shortt Schutts
Marian.Schutts@nancychandler.com
0 votes Thank Flag Link Thu Apr 17, 2014
There are many speciality type loans for different credit tiers, my prior career was an underwriter, I could direct you to a lender who is up on all the latest programs available.
Penny Ray Re/Max Benchmark Realty 702-658-8153
0 votes Thank Flag Link Sat Mar 15, 2014
We offer fresh cut bank instrument for lease, such as BG, SBLC, MTN, Bank Bonds, Bank Draft, T strips and others. Leased Instruments can be obtained at minimal expense to the borrower compared to other banking options. This offer is opened to both those and corporate bodies.
We are RWA ready to close leasing with any interested client in few banking days, if interested do not hesitate to contact us via email:

All relevant business information will be provided upon request.
If Interested kindly contact me via Email:~
Mr. Bernard butty
Email: leasebutty.bg@gmail.com

Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved
0 votes Thank Flag Link Mon Mar 3, 2014
Hey, George, Next Year is Here. How much cash do you have available. Some really great deals are on the market just before the spring buying season

David Cooper - Las Vegas Investment Group
Helping Buyers Find Great Deals Since 1994
htrtp://www.lasvegaswinner.org or CALL 1.888.616.6226
0 votes Thank Flag Link Mon Jan 6, 2014
Hello,

You might just qualify to rent to own a home of your CHOICE in Vegas, Henderson or North Las Vegas. Fill the form out here:

http://RentToOwnLVHomes.com to pre-qualify for the program.

I've helped over 18 folks in similar situations in the past 30 days.

You don't need a loan for this program and YOU pick the house you want to rent to own.

Dru Kuhlman
Orange Realty Group
702-324-9734
dru@masqinvestments.com
0 votes Thank Flag Link Mon Jan 6, 2014
GOOD DAY MY FRIEND.
I am Dr. Harry Eddy the Chief Financial Official of GUARANTEE TRUST FUND. We offer all kind of loan to Individuals and Companies. Kindly contact us via Email: ACESS_LIFE@HOTMAIL.COM for more info.
We wait your response soonest.

THANKS,
DR. HARRY EDDY
COUNTRY: USA
ADDRESS: LEEDS ALABAMA
0 votes Thank Flag Link Mon Dec 16, 2013
YES! It's still a loan and price appreciation is slowing.



David Cooper Helping Investors Find Wholesale Deals since 1994
http://www.lasvegaswinner.org
0 votes Thank Flag Link Mon Oct 7, 2013
George,
Can you get a loan? Yes. What are the terms going to be? That is the question you need to ask. In all lending situations, a lender calculates the risk of whether or not they will be able to be paid back their loan, plus any interest accrued during that time. In many cases, at that LTV you can get financing as long as you have an agreed upon exit strategy. It will not be your standard FNMA/FHLMC or FHA loan, but the answer is yes.

Check me out on the National Real Estate Post and get your clients an approval today!
http://thenationalrealestatepost.com/find-a-professional/mor…

Thank you for choosing City First Mortgage Services,

Nathan T. Kessler | Sr. Mortgage Loan Originator
City First Mortgage Services
8871 W Flamingo Rd Suite 202
Las Vegas, NV 89147
(C) 702.683.3126 | (F) 702.974.0848 | (O) 702-522-6743
nathan.kessler@city1st.com http://www.city1stlasvegas.com
Company NMLS # 3117 | Branch NMLS # 819501
Individual NMLS # 377217 NV #46175
0 votes Thank Flag Link Mon Oct 7, 2013
How much cash down are we talking about? A decent house 3+2 less than 10 years old in a good neighborhood is selling for $150,000. 50% will be $75,000. Is that about what you have


David Cooper Investing in Las Vegas since 1994
We can still find you a good deal
http://www.lasvegaswinner.org
702.499.7037
0 votes Thank Flag Link Sat Sep 28, 2013
If you want a mortgage , you have to prove you can repay by having a job and income to do so. The no doc loans of the past are gone.
0 votes Thank Flag Link Sat Sep 28, 2013
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0 votes Thank Flag Link Sat Sep 28, 2013
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0 votes Thank Flag Link Thu Jun 27, 2013
I can put you into properties with 10 to 20% down but interest would be 2% higher then current rate with seller who will carry not on homes that are paid in full so you are protected like traditional loan. I also have lenders that will work with you with 30 to 50% down. Call me tomorrow after 8am. Matt
702.501.0973
0 votes Thank Flag Link Wed Jun 26, 2013
I have a mortgage lender that will work with you. Contact me for more information.

Thanks,

Nakia Woodson
Lockhart & Associates
702-318-1244
NakiaWoodson@yahoo.com
0 votes Thank Flag Link Wed Jun 26, 2013
Its a given that if you have a job you have to prove your income, if you are retired, you provide proof of funds for that along with anything else you get funds for , you even have to prove cash. :/
0 votes Thank Flag Link Wed Jun 26, 2013
The bank would probably want proof of employment from your current job and a copy of the contract for you next job. Talk to your lender and ask him what he wants.

JudyePhebus@cox.net
0 votes Thank Flag Link Wed Jun 26, 2013
Hi George, There are a number of documents each lender requires, one of which showing proof of employment. Most need proof of employment for at least 2 months. If you have any further questions please feel free to call me at 702-900-6279.
0 votes Thank Flag Link Wed Jun 26, 2013
Good afternoon George,
If you were lending the money, would you want proof of being able to be paid back?

How much money have you lent lent to people when no income is available to pay it back?

Save your money until you have all of it to buy the property.

If you are relocating to the same line of work or with the same company,
you may be able to have the paycheck waived with a letter from your employer.

If you are coming to Las Vegas without employment, cold turkey, you are out of the house buying business for about 2 years. Get used to renting.



Please contact me immediately if you know a person that cannot make their mortgage payments. I will work with them to avoid foreclosure or bankruptcy at no charge or fees to them.


The Brodkin Group
Steven Goldman, CRS
Broker Salesman
Certified Distressed Property Expert (CDPE)
Certified Default Advocate (CDAT)
Certified Short Sale Professional (CSP)
Certified Probate Real Estate Specialist (CPRES)
REO-BPO Certified
GRI, ABR, SRES, CNHS, PM, CCI
Realty One Group
10750 W. Charleston #180
Las Vegas, NV 89135
Direct 702-242-1372
Fax: 866-286-2099
E-Mail: crssteven@teamgoldman.info
http://www.teamgoldman.info
0 votes Thank Flag Link Wed Jun 26, 2013
You will still have to show proof of a job. Otherwise no bank will be able to make a mortgage no matter how much you put down.
0 votes Thank Flag Link Wed Jun 26, 2013
Hi George, you will still need to show proof of employment , I have worked with quite a few who have had 50% down but still has to go through the whole approvement. I am a relocation specialist and a native of Vegas , if you would like help I would be happy to help you. I have some good lenders for you to talk to and WJ Bradley is great. Please email me at Rhondasellsvegas@gmail.com. You can visit my web site at http://www.AllLasVegasHomes.Com.
Looking forward to hearing from you.
0 votes Thank Flag Link Wed Jun 26, 2013
Hi George

My advice would be to check with a Mortgage Specialist. Check with Barbara Estes @
WJ Bradley Mortgage Phone: 702-281-0122 Email: Barbara.estes @wjbradley.com

If I can be of further assistance and answer
Any of your other questions please contact me

Thanks
Jimmy Balsano
Realty One Group
702-281-2225
Fax 1-866-371-8421
Email: jimbalsano@gmail.com
CERTIFIED FOORECLOSURE ALTERNATIVES CONSULTANT (CFAC)
REO-BPO CERTIFIED

I KNOW LAS VEGAS AND HAVE FOR OVER 40 YEARS
http://www.jimmybalsano.com
http://www.salestraq.com/las_vegas/newhomesearch/index.cfm?id=4780(New Homes
0 votes Thank Flag Link Wed Jun 26, 2013
Hi George,
I havent seen any banks that dont require at least two paystubs. However, if you already have employment, and it is in the same field of work, you may be able to make ot work. I have a lender that ive worked with for years, who can probably work with you regarding this. Feel free to contact me directly with any questions. 702-379-0021
:) Marilyn
0 votes Thank Flag Link Wed Jun 26, 2013
Hello George,

More then likely yes.....they will need proof of employment.
If you are relocating for your business,...A relocation letter from your company may be acceptable.

Good Luck To You,........

Sincerely,
Hank Lauzon III
Your Las Vegas Realtor

Signature Real Estate Group
9525 Hillwood Drive #120
Las Vegas, NV 89134

Cell 702-449-0899
Office 702-949-2409
Fax 702-543-6844

Web : http://hanklauzon.signaturenevada.com
Email: HankLVRealestate@aol.com
Facebook: http://www.Facebook.com/HanksLasVegasRealEstate
Never look down on anybody...unless you're helping them up.
0 votes Thank Flag Link Wed Jun 26, 2013
I am quite sure that since banks have ALL had their problems, that yes, they would require an employment history. Good Luck! Becky
0 votes Thank Flag Link Wed Jun 26, 2013
Most likely yes. I found proof of employment is a major part of the lending application these days.

Search http://www.Las-Vegas-Real-Estate-Home.com


Phil Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
Realty One
2831 St. Rose ParkwaySte. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-614-9337
E-mail:smokey25@cox.net

http://www.philScheinman.com
0 votes Thank Flag Link Wed Jun 26, 2013
They probably will. A few private lenders are still offering "no income check" mortgages, but for the banks they are a thing of the past. Even with 50% down they will want to see that you have the ability to repay the loan.
0 votes Thank Flag Link Wed Jun 26, 2013
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