Financing in Cape Coral>Question Details

Ketan, Home Buyer in 08820

Loan for home purchase

Asked by Ketan, 08820 Thu Jan 14, 2010

I want to buy a SFR in state of Florida.Near to SW Florida like , Cape coral or Port Charlotte or surrounding area.

Expected price of can be 50000-100000 $.

For that I need finance from financial institute or bank.



Here I belive is difficulty.
Good part is that my credit score is approxmately 750-770 range but I do not have employment history.

I have green card , but due to family responsibility I stayed out of US and while when i am in US, I studied softwareas careear enhancement for finding better job.



Can I avail loan as FHA or any other scheme?

I have more than 150,000 /- US $ equivalent as savings/assets .in my home country , mostly invested in stocks, bank CDs and Government/post office bonds.





I want to know can I get loan? If yes what can be terms and what will be interest rate?

Can you hel me to pre-approved by FI/banks?

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Answers

5
Carl Ashton’s answer
I am sorry your 3 C's (Credit, Collateral are probably ok, but Capacity is the concern) so do not pass the test for approval , once you have developed a 2 year employment status in the US you will be eligible for a loan.

The qualifying ratios for FHA are 29% front Income vs payment and 41 % back or your total income + debt we call it DTI. Just keep these in mind while you are gaining verifyable employment in the market. As Joshua said If you get a job, and it is a salary position or even hourly, then the likelihood of you qualifying for a loan is great.

I totally agree with Joshua, without a steady income that can be verified, there will be no other options other than a hard money loan with interest rates in the double digits with at least 45% down. Those have mostly dried up.
0 votes Thank Flag Link Thu Jan 14, 2010
Hi Ketan,
Danielle and Barbara are correct in saying unless you have a job you will not be able to get a loan. Can you get a personal loan or line of Credit from a bank in your home country? I have had several clients take a line of credit out from a bank in there country and then negotiate here as a cash buyer. Or your other option is to use the cash you have saved up. Let me know if I can help.
Have a great day,
Nancy

Nancy Doyle
239-209-2237
nancy.doyle1@comcast.net
Search Cape Coral homes for sale at http://www.nancydrealtor.net
0 votes Thank Flag Link Thu Jan 14, 2010
I wish I could tell you what you want to hear, but without any income stream, how would you pay back the loan? If you get a job, and it is a salary position or even hourly, then the likelihood of you qualifying for a loan is great. But without a steady income that can be verified, there will be no other options other than a hard money loan with interest rates in the double digits with at least 45% down. I hope this information helps although it is not what you are looking for probably but it is the reality of today's financial markets.

Josh Lerette - The Tampa Bay Mortgage Pro
Innovative Mortgage, Inc.
727-488-7355
Josh@TheTBMortgagePro.com
0 votes Thank Flag Link Thu Jan 14, 2010
I couldn't have said it better Barbara!

Ketan, if you have that much tied up in other accounts, I would liquidate and pay cash. Cash is king and you'll be able to close very quickly on a home.

Best of luck!
0 votes Thank Flag Link Thu Jan 14, 2010
Ketan - No Employment History = No Mortgage Financing
You need to verify income, assets and employment to qualify for financing unless yo take some sort of hard money loan.
0 votes Thank Flag Link Thu Jan 14, 2010
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