Home Buying in Atlanta>Question Details

Davidlabetz, Home Buyer in New York, NY

Want to buy 110k condo with 50-60% down. But no taxes last 3 years, income of 40k/year self-employed.

Asked by Davidlabetz, New York, NY Fri Aug 10, 2012

I want to buy a condo in atlanta for 110k & put 50-60% down. I am self employed, but no taxes for last 3 years. Income is 40k/year and I have almost 300k in the bank. Anyway for me to get the mortgage or financing? And if so, who?

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Ava Anderson, Realtor’s answer
Hi David,

The only lenders that may not require tax returns would be hard money lender and if you have enough to pay for the property out right it may not make sense to go that route. You might want to just pay cash for the property.
1 vote Thank Flag Link Fri Aug 10, 2012
Ava got it right with regard to hard money or private equity. It has to be as an investment property. You must use your LLC, DBA or corp. No credit check, no income check, no employment and no season of funds. Minimum down payment is 35% of which 15% can be seller held second mortgage. About 5-8% in fees. Rate ranges from 7-18% depending on the location (cul-de-sac), type (condo), zip code, down payment, loan amount and condition of property (rehab vs "as-is"). Closing time is between 2 weeks and 6 weeks depending on the rate chosen (higher rate closes faster - probably so you don't change your mind..LoL). No pre-payment penalty. Interest only, rate reduction on higher rate after 2 years of on time payments (for example - from 15% to 10%). Choose your own appraiser, no condo questionnaire.
Although it's a high rate, I'd recommend getting the loan until after the election so that you won't sink all your money into a product that takes a dive in value after the election. You can always pay it off later.
0 votes Thank Flag Link Fri Aug 10, 2012
David,
Funny you should ask ! I just listed a great upstairs end unit condo for $110K in the Dunwoody area in a small complex with a swimming pool and tennis court near Perimeter Mall and the Marta Train stations right of Hwy 400 and Abernathy Rd. and the owner can do owner financing if you are willing to put down 50%. Call me directly if you want any more information 404-668-9167. Owner financing is probably your best option.
0 votes Thank Flag Link Fri Aug 10, 2012
All loan programs today require the most recent 1-2 years of filed Federal Income tax returns. Those returns will be verified with the IRS and they msut reflect sufficient qualifying income.

Until you file your taxes, you are going to be limited to being a cash buyer.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Fri Aug 10, 2012
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