Home Buying in Palmdale>Question Details

DEIZY79, Home Buyer in Palmdale, CA

Investor for a home purchase

Asked by DEIZY79, Palmdale, CA Thu Feb 20, 2014

Hello! I am looking to buy a house in CA, Palmdale or surrounding areas (the loan amount up to $200,000 no more, ideally 150,000-180,000), but I cannot prove my earnings the way that would be suitable for the banks. The thing is, I am in entertainment business and I do make good money, but it's cash (self-employed). And no, I cannot put $40,000-60,000 down. $10,000 would be maximum.
So, I would like to find an investor to purchase the house for me and make an arrangement with the investor, to do it as on owner financing purchase or lease-to-own option or anything else that would be suitable for both of us.
Please, let me know if you, or maybe someone you know, would be able to help me. Thanks so much!

Help the community by answering this question:



There is a company that is willing to purchase a home for you by paying cash, but you are required to put 10% into a deposit account to be held for impounds, etc. There is also a builder that is willing to consider working with homebuyers on a lease-to-own basis, but I believe they also have a 10% down requirement, and you would be leasing a home that they already own.

If you would like further information on these companies, feel free to contact me.

Michele M. Hunt, CRS, GRI, e-PRO, SFR, CDPE
Broker Associate, Centennial Realty
BRE# 00922428
(661) 733-5408
1 vote Thank Flag Link Sun Feb 23, 2014
Just because you make cash does not mean that you are unable to document your income. Some lenders have programs for self employed using bank statements. Also you should still file tax returns which document your income.
0 votes Thank Flag Link Thu Mar 20, 2014
No investor is going to do this for you knowing that you are unable to purchase a home on your own. It will be on their terms which means you will just be renting from them at a very high rate. Just email me if you have any other questions or concerns.

Alex Greer
Loan Officer
NMLS #1056079

0 votes Thank Flag Link Fri Feb 21, 2014
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