I am buying a house in cash in CA. Are there options for me to qualify for a home loan if I am currently?

Asked by Nali, 90020 Sat Jun 13, 2009

unemployed with an excellent credit history? And if it's not, is it possible for me to find around $50,000 single home in CA to buy in cash? Thanks. Yara

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., , 92705
Wed Jul 25, 2012
Hi Nali

The mortgage brokers I work with require 2yrs of employment, minimum. So getting a loan right now may not be possible if you are unemployed.

There are a few areas in California with homes under $50,000 which include the outskirts of LA county and other areas in Southern California.

If you are serious about buying, I would be glad to help. Good Luck.

Monica Hernandez
Bankers Realty Exclusive, Inc
310-293-3335
DRE Lic #01239118
0 votes
Deborah Garv…, Mortgage Broker Or Lender, San Diego, CA
Mon Jul 23, 2012
Nali, I have more questions for your question: Are you temporarily unemployed? Plan on going back to work? If so, what is the hurry to buy a home will all of your cash? Why not find employment and use the income to qualify for a typical mortgage? Given the low, low interest rates and the fact that you could invest your savings AND have potential tax benefits as the result of a mortgage, I would strongly recommend yo get some unbiased answers from a financial planner or accountant/tax specialist.

Asking a real estate agent and mortgage professional if your can, or should, buy will usually net you a flurry of "Of course!!! comments. We are, after all, in the business to generate and close real estate transactions. However, there does come a time to step back...and really question whether buying immediately is in the buyers best interests.

Best of luck to you!!! Do be aware that prices of real estate are not rising sharply...particularly in areas when one might find a home for $50,000.
1 vote
Jonelle Bech…, Agent, Beverly Hills, CA
Tue Jun 16, 2009
Palmdale is your answer !!! Give me a call if you need help

Thank you,

Jonelle Bechard
818-605-3204
1 vote
Sky Minor, Agent, Los Angeles, CA
Mon Jun 15, 2009
I just went to an auction and they sold at least 30 houses in LA for under $50000. Bear in mind, these were usually in South Central, Watts, Pomona, El Sereno areas.
0 votes
Mission Viejo…, , Mission Viejo, CA
Sun Jun 14, 2009
You said you want to buy in CA. Where? There are area where $500,000 will get you a lovely house. You just have to be ready to live there. Wishing you luck! Valorie
0 votes
Grant Linsco…, Agent, Los Angeles, CA
Sat Jun 13, 2009
Hi Nali,

That is great that you have a good amount of cash for a property, however lenders are very tight with money these days and it will be tough to get a loan while unemployed. There are no houses that I know of or would recommend in that price range and it might be a good idea to find a job and save diligently for the next year or so before finding a nice home.

Good luck to you!

Grant Linscott
Keller Williams Realty
323.333.6222 cell
grantlinscottproperty@gmail.com
0 votes
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