I am emigrating to Culver City in November 2008 and will have approx $400,000 to make a down payment on

Asked by David Stoddard, England UK Mon Jan 28, 2008

buying a property. how long will i have to be in employment for before i can secure a loan for the remaining cost of a property?

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Dorene Slavi…, Agent, Torrance, CA
Sat Jun 21, 2008
I can refer you to a loan officer who can assist you. Our loan requirements have changed (become more stringent) in our current market. As far as I am aware, lenders will grant loans only on full documentation
(2 years tax returns). Since I am a realtor, I might not know all the programs that might be available to you, but a loan officer will.
Web Reference:  http://www.doreneslavitz.com
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E. "Zeke" Ba…, , Sherman Oaks, CA
Wed Jan 30, 2008
If you are in the same line of business, then there might be a way to get around this. However, with $400,000 down on a property you could probably get away with a No Income/No Asset loan and forego any question of your employment. There are options, without knowing your entire profile though it is tough to say.

E. "Zeke" Barragan
818-728-3945 (Phone)
818-326-7330 (Cell)
310-451-6453 (Fax)
0 votes
Kelley and T…, Agent, Santa Monica, CA
Tue Jan 29, 2008
I see you are from the UK. You need to talk to a good mortgage broker. Different lenders have different types of loans available. A good mortgage broker may be able to find you a lender willing to give you a stated income loan meaning you don't have to prove income or employment history because you have such a large down payment.

The good news is that you could buy a two-bedroom condo with $400,000. If you can't get regular financing, you could buy a home where the seller carries the loan for you. I have a duplex in Culver City where the seller would carry the loan. It all depends on how much equity the seller has and what their plans are.

I live and work in Culver City. Email me what you are looking for and I will start sending you the latest listings so you can get an idea of what you can get.

Todd Miller - toddmiller@coldwellbanker.com
Web Reference:  http://www.kelleyandtodd.com
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