How much money will I need to put down to buy a house or condo with no income verification? Currently a student but tired of renting.

Asked by Grant Ludlow, Phoenix, AZ Wed Jan 16, 2013

I receive money from the VA to go to school, but am not working and currently do not want a job. My credit is good. and I have assets. Looking for a house or condo in the 80-100k range.

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Jose Dias, Agent, Scottsdale, AZ
Fri Jan 18, 2013
Traditional financing will probably not work for you as they require proof of income. The basic idea is that you should be able to pay back the loan. It doesn't really matter how much money you put down or your assets. If you can't show that you can pay back the loan, you will not get approved.

Seller financing may be an option for you. However most sellers would still require proof of income. Same concept - you need to show you can pay back the loan. Having said that, depending on how much you put down and how much you have in assets, we may be able go find a seller that is willing to work with you.

A third option would be a lease/option where you rent the property for a few years with an option to buy it. You could rent it while you are in school and get financing once you finish and get a job.

If seller financing is an option you would like to consider, you can check a list of houses available at:

Good luck!

Jose Dias, REALTOR | (623) 418-5700 | |
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Jennie Miller…, Agent, Phoenix, AZ
Fri Jan 18, 2013
Thanks for requesting more information on purchasing a home. An option for you to consider is a home that the seller is offering to carry the loan for you. I have provided a link below with a list of homes in Phoenix that are between $80,000 and $100,000 that are offering these types of purchase terms. I am very experienced with seller carry back transactions and would be happy to help you. If you would like to see recommendations from my clients so that you can investigate the quality of my work, you can see testimonials from my clients on my Trulia profile by clicking on my photo to the right of this response.…

I look forward to hearing back from you soon!
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Stephanie We…, Agent, Gilbert, AZ
Thu Jan 17, 2013
You will need 100% cash :) All the best!
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Leo Zuniga, Mortgage Broker Or Lender, Peoria, AZ
Wed Jan 16, 2013
If you do not currently have verifiable income that can be provided, you are not going to be eligible to purchase a property. A G.I. bill does not consitute as eligible income because it is also limited. A private financier would be your closest option but even they want to make sure that the debt will be serviced and require 30-40% down. When do you anticipate graduating? A VA loan is the best loan program out there for you once you can provide a stable income source. Do you have a family member or friend that would be willing to co-sign with you?
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Rachel Shana…, , Peoria, AZ
Wed Jan 16, 2013
You might be able to qualify for a hard money loan. That would take around 20-30% down. Please let me know if you are interested in that avenue and I can refer you to a hard money lender.
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Sonny Shriva…, Agent, Goodyear, AZ
Wed Jan 16, 2013
I'm not sure how you could qualify for any loan - even a VA loan - if you do not have sufficient income to make the payment. There are no longer any "no income verification" loans today, sorry. A VA loan will allow for 100% financing, but you still must prove sufficient income.

Do you have the option of asking your parents or a family member to obtain financing to purchase the property, and then you make the mortgage payment to them? They can then sell you the property when you are in a better position to qualify. There are options, but none that will allow you to purchase the property. What about a wife or girlfriend who can qualify on her own?
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Jessica Tracy, Agent, North Windham, CT
Wed Jan 16, 2013
I would talk with your bank to see if you qualify because a VA 100% financing loan might be an option for you.
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VA loans require employment.
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