Home Buying in Whittier>Question Details

Babygirl9198…, Home Buyer in Whittier, CA

trying to buy a home but i have no tax return & no credit, I'm a licensed pharmacist intern, can i get a preapproved for loan based on

Asked by Babygirl919816, Whittier, CA Thu May 19, 2011

future earnings loan approval

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There are some lenders offering Stated-income loans that you might be able to qualify for if U have 20%+ down, but they have to look at your situation and see if they can qualify you. So its best if you sit down with an experienced & knowledgeable Broker/Lender and see what they can do for you and once your pre-approved you can start house hunting...
0 votes Thank Flag Link Sat May 21, 2011
You said you are still new here - as in new to the U.S.? Are you on a Visa or are you a permanent resident alien (green card)?

What can be provided to verify the source of income from your previous country? Do they have the equivalent of U.S. W-2's/tax returns/paystubs? Are they in English?

Did you have an established credit history in your previous country?

Are you employed now? If not, then you would need to first become employed, as lenders do not lend based on "earnings potential", only what you are guaranteed to make.

If you can document you made income in your previous country, have established credit in your previous country with creditors willing to verify with U.S. mortgage lenders, and are employed now in the field that you were employed in while living in your previous country, then you could possibly use it to qualify.

As far as the source of income from your previous country, it would depend what that source is, how long you have received it and how long it is expected to continue.
0 votes Thank Flag Link Fri May 20, 2011
Tax returns are not a requirement if there are none, first time home buyers frequently do not have tax returns. Lack of credit is a different story, much harder to overcome, I would limit my search to portfolio lenders or seek owner financing.
0 votes Thank Flag Link Fri May 20, 2011
Speak with a local lender, but probably not. The good news is that they can walk you through where you are now, what to work on, and while you are working on that you can kill two birds with one stone and save for your downpayment as well (min 3.5% of purchase price FHA or 5% Conventional Loan).
Best of luck.
0 votes Thank Flag Link Fri May 20, 2011
if you are dealing in any manner with a financial institution such as a bank of credit union for you checking or savings I would suggest you try to establish a relationship there first. It is simplier. They have all of your records which makes the process easier.
0 votes Thank Flag Link Fri May 20, 2011
Your best bet is to talk to a Lender and have him guide you through the process. Check out the Affiliate List I've attached for a few different people to chat with. I trust all three of the guys listed on there and know they'd all take really good care of you. Have a great day!
0 votes Thank Flag Link Fri May 20, 2011
You might want to also consider getting something with creative financing.
0 votes Thank Flag Link Fri May 20, 2011
There is a work around for the fact that you have "no credit". Lenders can create alternate credit if you have a cell phone, pay rent, pay utilities, etc. The fact that you have "no tax return" is a little more difficult, but an be worked around if you are new to the work force and have paycheck stubs. The fact that you have not "landed a job" is what will prevent you from getting an FHA or conventional loan.

You did state that you have "a source of income from the country" you used to live in. There are lenders that will lend to foreign nationals based on their foreign income. The only problem is, they require 40-50% down payment. So if you can put that much down, contact me, and I will put you in touch with a great lender who might be able to help you out.

Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
0 votes Thank Flag Link Fri May 20, 2011
I'm still New here, and i never landed a job before, but i can put 20% down payment if i got approved, i have a source of income from the country i was in so will that be takin into account?
0 votes Thank Flag Link Thu May 19, 2011
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