Home Buying in 92683>Question Details

Kevin Ng, Home Buyer in 92683

can i buy investment real estates with out proof of income. but I am able to make a 40-50% down payment

Asked by Kevin Ng, 92683 Wed Feb 29, 2012

I was an international student in US and just become legally residence here for a year. I am planning to buy an investment real estate in California. I don't have a job yet therefore unable to show the proof of income. I can make a 40-50% down payment and monthly payments with oversea family supports. could i possibly get any mortgage?

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Answers

16
Grant Fawcett’s answer
Kevin:

Grant has done his homework. Again, there is NOT a traditional conforming bank that will loan without proof of income.

Ms. Sharon Butler - Can you please suggest a traditional bank or direct lender that will do this loan? Please provide a name and number - I'm confident that the real estate community will benefit from your resources.

In addition, Ms. Butler said I was a "Mortgage Broker". I'm a "Mortgage Banker" not a broker. We are a direct lender so we have more control over the process but we stick to conforming guidlines.

Lastly, if Ms. Butler read my posting I stated "You would need to go to a hard money lender + you will pay dearly for it. "

It appears, according to Ms. Butler, that she already has a hard money lender. Maybe she can assist you with this tansaction. However for the most part "hard money lenders" typically do short term & bridge loans."

Best of Luck.

Grant Fawcett
Castle & Cooke Mortgage
Cell: (949)212-4578
1 vote Thank Flag Link Wed Feb 29, 2012
I have been investing in the area, and being from Perth, I found that it was merely the structure and the way you enter. You can reach me on voip 559 478 9791. I can recommend a few options and you can have your solicitor verify before making dec.

Cheers

max
0 votes Thank Flag Link Sat Mar 22, 2014
You will need proof of income for any amount of financing.

The only way around it is to pay all CASH.

Best Regards,
Kawain Payne, Realtor/Notary
Berkshire Hathaway Home Services
Seal Beach CA
0 votes Thank Flag Link Mon Feb 24, 2014
You will need Proof of Income in order to finance otherwise you would need to do all cash. If you have any questions feel free to contact me (714)-248-2036
0 votes Thank Flag Link Thu Nov 21, 2013
Hello Kevin, you may qualify for Stated Income Loans. It only takes a few dozen questions to qualify you in minutes. They are from 30% down and 4.99% and up. Here are some links to study.

http://www.under640ficoscoreloans.com/Pages/StatedIncome.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Thu Dec 20, 2012
Chao` cau^. Kevin,

My wife and I we has been helped many International buyers purchased home here in the USA, YES with 40-50% down payment we can get you in the Real Estate Investment Deal ... YOU DON'T NEED LENDER to borrow $$$ ... we have few seller's finance deals out there for you ... Please contact us for showing appointment.
Meet our Happy Clients to see what do they have to say about our services , TESTIMONIAL click here => http://vinnytran.com/gold_testimonials.asp

Sincerely
Vinny Tran / Nancy Do
Mr."Little Saigon" & Associates
CA Broker ID # 01153694

http://www.VinnyTran.com
(714)531-2678
0 votes Thank Flag Link Sun Jul 22, 2012
Hello Kevin,

This could work if your overseas family buys the property for you.
Foreign nationals can get a mortgage with 40-50% down - even 25 to 30% down.
There are many banks that will do this for you, gladly.

Best of luck,

Irina Karan
CDPE - Certified Distressed Property Expert
IrinaKaran@gmail.com
Beachfront Realty, Inc.
0 votes Thank Flag Link Tue Apr 17, 2012
Getting a mortgage loan is not possible if you are unable to show proof of income.

Lenders are being very careful now in awarding mortagae loas, and a buyer MUST be able to provide proof of income, it can be from a job, or self employment but proof of income will be needed.

Best of luck to you
Kawain Payne, Realtor
0 votes Thank Flag Link Tue Apr 17, 2012
HI Kevin,

You would not to go through a traditional mortgage lender, if you are not employed. Thats great you have family supports overseas. you would have to talk to a mortgage broker who deals with situations like this. Yes the interest rate for the loan will be higher and they would need to talk to you and get all your information.
You can call Jeff Coley Mortgage Lender at 949-922-7063.. Tell him I referred you. Then I can help you in finding a place.. Call or email me once you have talked to him.. Good Luck..

Ingrid Ski Realtor
949-874-0432
OCAreaHomes@gmail.com
0 votes Thank Flag Link Wed Feb 29, 2012
There is a loan where the lender will allow you to qualify by calculating your income utilizing a asset depletion calculation.

If you put your 50% down and can show that you have additional funds in the bank this lender will divide the total value of your assests by 120 months (10 years) to give you income.

You may not utilize retirement accounts for this program unless you are 60+ years old.

It is definitely not a conventional loan, but the rate is about 2.75% over the LIBOR index
0 votes Thank Flag Link Wed Feb 29, 2012
Kevin,, sounds to me like your strategy is to buy and hold. Is that correct?
0 votes Thank Flag Link Wed Feb 29, 2012
Kevin, Grant has not done his homework! It is not "Hogwash!" My investors buy homes all day long, I know because I put the offers in. Grant is a mortgage broker and so was I for over 25 years! I would always so no to investors with no proof of income. Although I looked outside the box, until I started working flips I did not know of other investors who would lend money. There is a ton of money out there. I am in escrow on a 10,000 sq ft home. The purchase price is under 1,100,000, repairs needed is around 400K. The after market value is $2.5. My lender will do one of several deals. 1- would be 80 % of the after repair value, known as the ARV, but they would become 50% partners, 2- 65% of the ARV on a hard money loan or finally they will become a Joint Venture with you. The 2nd option is what seems you would be interested in. You just need to open the box!
0 votes Thank Flag Link Wed Feb 29, 2012
Kevin:

I'm a Mortgage Banker. No - you will not get a loan with a 40-50% down payment and no proof of income. You would need to go to a hard money lender + you will pay dearly for it.

Any advice stating otherwise is 100% hogwash.

Best of luck.

Grant Fawcett
Castle & Cooke Mortgage
Cell: (949)212-4578
0 votes Thank Flag Link Wed Feb 29, 2012
I'm gonna go with "yes" Kevin, but lots of questions are heading your way! =)

Great resource is http://HomeOwnershipUniversity.com

Best of Luck!
Web Reference: http://KeepingItRE.com
0 votes Thank Flag Link Wed Feb 29, 2012
Kevin, you are asking the wrong people! I am a license Broker who wo
rks with investors who flip homes. I call myself a real estate investment advisor! We get loans based on the property not the person, so your answer is YES you can get a loan, but do not expect 4.5 to 5%!

If you have questions, feel free to contact me directly,
Sharon Butler
0 votes Thank Flag Link Wed Feb 29, 2012
If you can not prove source of income (steady job with w-2) it is almost impossible to get a loan, unless you do a hard money loan, where interest rates are around 12-15% payable in 3-5 years. My suggestion, if you have 50% downpayment, look into buying something in Cash, in the meantime build your credit history and a steady job in the US. Please consult a local realtor.

http://www.source1homes.com
0 votes Thank Flag Link Wed Feb 29, 2012
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