Question Details

Alexandra, Home Buyer in New York, NY

Can a couple with a combine income,of 195000,000 by a home ,no money down?

Asked by Alexandra, New York, NY Thu Sep 27, 2007

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5
Cant tell if this is a joke or not? If NOT same rules apply to you as everyone else. However if I was the lender I would ask, if you make that much money and dont have the expenses of a home and cant afford to put money down or have not saved enough money for a down payment then where is the money going? Are you already over extended by monthly payments on cars and boats and other junk or are you just throwing your money away on other crap. If you cant save money now with that large income then how can you afford to pay on a new large monthly payment. I would recament seeing a good book keeper to see how you can start saving money for the future. (I also have other questions as well about where the money is going.............)
0 votes Thank Flag Link Fri Nov 14, 2008
Yes Alexandra you may be able to get a loan...should probably to speak to a lender or someone that does financing. The person below is an idiot...they are everywhere I guess
0 votes Thank Flag Link Mon Mar 24, 2008
$195 million
yes you can buy a home
remember, for you, bigger is better
0 votes Thank Flag Link Mon Mar 24, 2008
By the way, I'm making the assumption that the income you meant to reflect was $195,000. If you earn $1,950,000, I can safely say that obtaining a loan will not be much problem. ;)
0 votes Thank Flag Link Thu Sep 27, 2007
There are still 100% financing programs out there, but your income is only one piece to the puzzle. Your credit and cash reserves will be scrutinized as well. It also matters whether that combined income can be documented, as stated loan programs are not as readily available as they were two years ago. Lastly, the price of the house you wish to purchase will be a factor. Jumbo loan rates (above conforming limit of 417K - in most areas) are relatively high right now compared to conforming rates. If your price range requires Jumbo financing (or blended financing), it will diminish your borrowing power and make qualifying a little more difficult. Good luck.
0 votes Thank Flag Link Thu Sep 27, 2007
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