Can a person get an investment home mortgage loan with bad credit and no income?

Asked by Angeloabrams, Philadelphia, PA Sat Dec 17, 2011

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Gita Bantwal’s answer
Gita Bantwal, Agent, Jamison, PA
Fri Apr 27, 2012
The most important thing a lender looks for is your ability to pay the loan. Then they look at your credit history to see whether you pay your creditors.( There are people who can afford to pay but do not pay )
0 votes
Larry Lichtm…, Agent, Bala Cynwyd, PA
Fri Dec 23, 2011
Come on Angelo. Would you lend money to someone with a proven track record of NON-PAYMENT, and no income? You have to be realistic.

It sounds like the first thing you should do is contact a good mortgage broker who works with a credit repair specialist who has a proven record of success. Get help and repair your credit!

Have a Happy Holidays!

All the best,
Larry Lichtman
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
Web Reference:  http://www.DJCRE.com
2 votes
, ,
Fri Dec 23, 2011
IMHO, there is no sense in referring this consumer to a mortgage professional. Most of us are very willing to work with consumers who have some challenges; however, with no income and no decent credit what miracles would I be able to perform. I don't have have enough hours in the day to meet with the proverbial "kindergarten borrower" (no disrespect meant to the questioner...this comment is for the respondents)...."I am in kindergarten, but I plan to go to high school, then college, then get a job, then apply for a mortgage. Can I get preapproved now".

More realistically, Angelo, contact your local HUD housing counselor non profit and work with them to repair your credit and then apply for a job. There is nothing a mortgage professional can do when there are none of the necessary components available that are needed to qualify for a mortgage.
0 votes
Mike Sullivan, Agent, Gainesville, FL
Fri Dec 23, 2011
go to a private lender.....but then with no income, who would be lending you money? If there is no expectation of repayment, than becomes more of a 'gift'!
0 votes
, ,
Tue Dec 20, 2011
How much experience do you have as a landlord? Your other questions indicate you have sought hard money lenders, if you have that much for down payment maybe buy a cheaper property and pay cash.
0 votes
Erica Ramus,…, Agent, Pottsville, PA
Tue Dec 20, 2011
All loans -- owner occupant and investment loans -- are hard to get. Bad credit, no income???? That sounds more than challenging.
0 votes
Elliott R. O…, Agent, McLean, VA
Mon Dec 19, 2011
Sometimes you have to ask "Would I lend my money to someone in that scenario"?
0 votes
Bruce Lang, Agent, Philadelphia, PA
Mon Dec 19, 2011
speak to 3 lenders...if they all tell you know, ask then for a referal to someone to get your credit fixed
0 votes
Peter McNich…, , Philadelphia, PA
Sat Dec 17, 2011
No. Bad credit + no income = No loan.
0 votes
, ,
Sat Dec 17, 2011
No income means you have no ability to pay the mortgage and bad credit means you have no intention of paying the mortgage so no bank or private investor would give you a loan. You would need to first get a source of income and then work to repair your credit.

John R. Thomas
Certified Mortgage Planner - NMLS 38783
Primary Residential Mortgage
302-703-0727 DE Office
0 votes
Dan Tabit, Agent, Issaquah, WA
Sat Dec 17, 2011
Angeloabrams,
In a word, no. Banks do enough speculation with deposits, but they don't fund investments for someone with bad credit and no income. You must have a a reliable continuous source of income through a job, pension or other investments. Having a reliable history of paying on debt is critical in the current market as well.
I suspect you already know this, but is there a reason you ask?
0 votes
Ron Thomas, Agent, Fresno, CA
Sat Dec 17, 2011
Most Lenders would like some reasonable expectation that you will be able to repay the loan:
How you gonna do that with no income?
0 votes
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