It only takes a few dozen questions to qualify, go over your options and email you listings too. Here are some blogs to study such as Zero Down payment programs, Which loan is right for me, Down payment and closing costs hurdles and Pre-approval in minutes.
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50% is a great down payment, but first you need to have a job. The stated income programs that I"m aware of still requires a job to "state." I suggest getting a job in the same line of work you were previously doing so a lender can see that you have a new job in the same or similar line of work you had previously to justify your work history. Worst case scenario would dictate being able to provide a two year work history versus a one year work history. Plus now you don't have to necessarily consider a stated income program and you can go full documentation. Sometimes it comes down to what the DU automated underwriting findings dictate.
If you find a property that is approved by Fannie Mae, you could go as low as 3% down, but the work history and automated findings are going to be critcal to determining how a loan officer and lender is going to qualify you for the loan.
Best of luck to you!
First Capital Mortgage
Direct: (310) 434-1718
If you are serious about buying, you need a game plan. No one will lend to you if you donâ€™t have jobs. Income is required to make payments over a long term. If you put 50% down and canâ€™t make payments the lender (and you) has a problem. In fact, I am not sure that you will find it easy to rent without a regular income, unless you have enough investment income to pay rent or make mortgage payments.
When you get to Palm Springs, contact a Realtor and sit down for a chat about the market, the type of home you want, where you want to live and how you expect to make mortgage payments. Your Realtor can refer you to a quality local mortgage lender. Sit down with the lender and put together your game plan to get into the house that meets your needs.
I know some great Realtors in the Palm Springs area. Let me know if you would like a referral to one.
John Juarez, Realtor
The Medford Team
Windermere Welcome Home
Contact Walter Neil at Franklin Loan Center 760-779-8137, he can ask you the right questions to determine how much you will need to put down on a home. Without knowing your exact circumstances there is no way to know if you would qualify or an FHA, VA, Conventional, Owner financed, private money loan etc.
When you are ready to find the home after you talk to him, I am ready to show you the ones that fit your budget! Give me a call anytime.
Keller Williams Realty
70005 Mirage Cove Dr
Rancho Mirage, CA 92270
You may also want to consider a lease - to - own situation, where you can rent for a while; then once you have established yourselves with jobs, you can apply for a loan and purchase the property.
Best of luck with your search Steve.
If you are financing a loan to purchase no one is going to do it without you having jobs first. If you are changing jobs it is best to be in the same line of work.
If you have 50% of $150K you may consider an outright cash purchase on a smaller sales price.
Prudential Ca. Realty