if i dont have a job and i have 50% of the price do i have any chance that a bank will help me to buy that property ?

Asked by Miami Beach Buyer, Miami Beach, FL Sun Feb 6, 2011

financing 50%

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Obdulio Pete Mateo’s answer
Obdulio Pete…, , Miami Beach, FL
Mon Feb 7, 2011
There are private lenders that will generally jump on a loan at 50% LTV (loan to value). However if the property is a condo, the actual stability of that condo will be a bigger influence on you obtaining the loan, a high foreclosure rate will be a concern as to the general welfare of the buiding.
0 votes
Linda S. Cef…, Agent, Franklin, WI
Sun Feb 6, 2011
How can you prove to the lender that you have the potential to pay the remaining 50%?

Most traditional lenders will require a 2 year history of like employment.
Web Reference:  http://www.lindacefalu.com
2 votes
Scott Eric K…, Agent, MIAMI BEACH, FL
Sun Feb 6, 2011
I doubt it. You have to prove the abilty to pay the other 50%. Maybe if you have a Trust or something to that extent.
2 votes
Robin Silver…, Mortgage Broker Or Lender, Garden City, NY
Sun Feb 6, 2011
Your brother can buy it as a foreign national with 50% down. If you speak to a local mortgage broker, I would assume they know which banks locally where they can place foreign national loans. These are not from the big lenders, but smaller local banks often do it.
Do you have income from any other source besides your brother? Does he really want to buy this for himself and use it as a second home? Because you are not being totally clear, we have no idea what you use as income. obviously you have something, unless it is just spending your own assets.
1 vote
Linda S. Cef…, Agent, Franklin, WI
Sun Feb 6, 2011
That's not a very clear answer to my question, but a start. Does he have verifiable income and is he willing to sign for the remaining 50% of the loan?
Web Reference:  http://www.lindacefalu.com
1 vote
Linda S. Cef…, Agent, Franklin, WI
Sun Feb 6, 2011
Is your brother willing to take on the remaining 50% mortgage in writing? Does he have good credit?
Web Reference:  http://www.lindacefalu.com
1 vote
Shirley Pard…, , Miami Beach, FL
Sun Feb 6, 2011
No - you need a job to qualify for a mortgage - especially in today's market.
Web Reference:  http://www.shirleypardon.com
1 vote
Scott Eric K…, Agent, MIAMI BEACH, FL
Sun Feb 6, 2011
First of all 50 % of what price?
1 vote
Douglas Katz, , Chicago, IL
Sun Feb 6, 2011
Generally lenders look for a stable and dependable means to service a mortgage. This does not have to be employment as income can be derived from such things as dividends on an investment portfolio. Some programs allow for co-borrowes, in which case you could meld their income with your. Be advised that their debt will also need to be considered.
Web Reference:  http://www.loanorama.com
0 votes
Stefano Sant…, Agent, Miami Beach, FL
Sun Feb 6, 2011
As mentioned your brother can get a loan, actually up to 70%, or you can get a private mortgage. If the property is in Miami Beach, I have a lender that will seriously consider it.
0 votes
Marc Sacheli, Agent, Miami Beach, FL
Sun Feb 6, 2011
Yes. However you must prove that you have enough liquid assets to cover the remaining 50%.
Web Reference:  http://www.miamisa.com
0 votes
Miami Beach…, Home Buyer, Miami Beach, FL
Sun Feb 6, 2011
he has a privat medical clinic..in france.
0 votes
Miami Beach…, Home Buyer, Miami Beach, FL
Sun Feb 6, 2011
thank you all for your answers.gave me a little hope.
i'm not working, my brother from france is sending me money; he can aford to pay for the loan. i know it's a little complicate and crazy..i'm just looking for a solution for my inconvenient.
0 votes
Felix Lopez, Agent, Coral Gables, FL
Sun Feb 6, 2011
I believe there is always 10 solutions to every problem.
One option to this will be to find a Private lender who is willing to loan in Miami Beach and of course a buyer who be willing to pay the cost of a private lender. Based on my experience in South Florida the interest rate for a private lender is some where from 8% to 15% interest rate; depending on the loan amount and some other terms.
We have a few private lenders that you could talk to,

Best Regards!!!!
0 votes
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