I live in the home I inherited (no mortgage) I would like to buy a new home. I can't provide 12 mo. rent checks. How do I purchase the new home?

Asked by Annax, Detroit, MI Fri Nov 19, 2010

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15
, ,
Fri Dec 3, 2010
In most cases, we do NOT need rent verification.
0 votes
Dp2, , Virginia
Sun Nov 28, 2010
You have several options, and none of them require you to obtain any bank financing. You didn't state whether or not you intend to sell the property in Detroit; you don't have to sell if you don't want to sell.

If you opted to sell, then you could do an equity swap (or exchange); sell your property with seller financing, get enough money from the down-payment you'll receive to put down on the property you'll buy (also with seller financing); equity partner with an investor on your property and buy your next property with seller financing; etc.

If you opted to not sell, then you could rent your property, use it as cross-collateral, and buy your next property with seller financing.
0 votes
Kathleen Tes…, Agent, Plano, TX
Sun Nov 28, 2010
Dear Annax,

With good credit you should have no problem qualifing for a mortgage.

Your home is an asset. And there are many other ways to prove good credit.
Your utilities is one way of proving your credit worthiness.

If you need the name of a very good Realtor in your area, I can provide you with
the name of one who will do an excellent job for you.
Sincerely,
Kathleen Testa, GRI
Coldwell Banker
DlsReltr@aol.com
972 754 4130
0 votes
Becky Carr, , Dallas County, TX
Fri Nov 19, 2010
Lots of good advice and answers here! First see a lender and get prequalified. To do this, you need good credit, some savings, and income that shows that you can afford to buy a house. As said, your home is an asset. Do you own the home yourself in your name or is it shared with siblings or other family members? Are you planning to sell it, rent it, or leave it in the family for someone else to live in?

First, check with a good reputable lender and see if you qualify to buy a house. THe lender will ask for a lot of information and will provide a prequalification letter for you if you are qualified. If qualified, you will then need to find a good REALTOR to help you in your home search. A good REALTOR that you feel comfortable with will be able to discuss your wants and needs and help you find the right home to suit those needs.

I would love to help you relocate here in Dallas. I am a Dallas native and I know all the surrounding suburbs as well as the city and rural areas where you might want to live.

Feel free to call anytime!
Becky Carr, REALTOR
Coldwell Banker APEX
214-918-1686
Web Reference:  http://www.AccessHomePro.com
0 votes
Susie Reichl…, , Dallas County, TX
Fri Nov 19, 2010
The home you own is an asset. A lender will consider your inccome and expenses . So getting a prequalification is the first step.
0 votes
Anne Bokalo, Agent, CANTON, TX
Fri Nov 19, 2010
Rent checks aren't usually considered but your income and debts are. Lenders want to see stability in income and few debts or at least manageable debts. Also any hiccups on your credit report. Your income will be considered re the mortgage you're able to get. Do not buy a new car at this time or make any large payments on credit. Of course a mortgage lender will be asking things like that and what you need to do to fix any problems.
FYI ..Employers now look at an individuals criminal history, credit worthiness and Face book.
0 votes
Don Groff, Agent, Austin, TX
Fri Nov 19, 2010
If your credit and income can support the payment you can easily buy a home without a past mortgage or rental history.
0 votes
, ,
Fri Nov 19, 2010
If you are now living in Detroit, and plan to relocate to Dallas, your problem is not going to have anything to do with rent checks, it will have to do with your income.
I can't remember the last time any of the desktop underwriting systems asked for rent checks anyway. However, you only can provide rent checks if you are a renter, which you are not.
0 votes
Jerry Holcomb, , Dallas County, TX
Fri Nov 19, 2010
Hi Annax:
Welcome to Dallas!
There are many free reports and tools on my website to help you with all your questions.

On this question, if you keep the house you will just add the Taxes and Insurance monthly payments to your debts so the ratios are calculated correctly. Also, if you rent or sell the house just proof of either is needed.

The bigger questions is your employment, credit, assets.. qualify for the new home in Dallas. I can help with all these and under no obligation to use my services. Check out my website and if I can help give me a call.
Happy Thanksgiving!
Jerry
Your Texas Mortgage Pro
Web Reference:  http://www.dfwhometeam.info
0 votes
Spade Realty, Agent, Mansfield, TX
Fri Nov 19, 2010
Hi Annax,

My name is Lisa and I have been a Realtor/Loan Officer for over 14 years. I would love to speak with you and tell you how to qualify to buy a new home. You can get all of you real estate and mortgage questions answered with me. As long as your credit is strong you are in better shape than you think.

If you would like us to chat you can reach me Monday - Friday from 9:00 AM to 7 PM CST and 10:00 AM - 3:00 PM on Saturday at 214.310.HOME. Visit us at http://www.RealtyInTheCity.com
0 votes
Robin Ricker, Agent, Titusville, FL
Fri Nov 19, 2010
You need to get prequalified by a lender. In today's market you need a prequalification letter to go with any offer you make on a property. This helps you decide what price range to look in. Where do you bank? It's always a good place to start. Check with several lenders, shop for rates. You'll need 2 years worth of taxes, and proof of income also. Good Luck,
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Nov 19, 2010
GREAT QUESTION: No problem about rental checks just as long as you can qualify purchase a home should not be an issue. Title search would show you own the home out right only obligation you have for property taxes.

Contact a mortgage broker complete the application determine what type of loan you qualify for.

Unless you are paying cash for a property .

All sales offers must have proof lending or cash reserves in a bank.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Roxanne DeBe…, Agent, Plano, TX
Fri Nov 19, 2010
Even though you have lived in a home that you did not have to pay for you should still be able to qualify to purchase a home based on your credit. If you are going to buy a home for cash then you will just need to have proof of funds. Are you planning on selling the home you are living in? If you are, then you could use that income to help buy another home. If that home that you live in is free an clear, I am sure it will be counted as an asset. It would be best to speak with a mortgage provider. If you would like a list of the providers I use, please give me a call at 214-676-8040 or email me at roxanne@thedeberryteam.com and I will be happy to assist you.
0 votes
Bruce Lynn, Agent, Coppell, TX
Fri Nov 19, 2010
You don't have to show rent checks.
You may want to show proof of insurance and paid taxes.
Your lender will walk you through exactly what you need to qualify.

You moving to Texas

Bruce
Web Reference:  http://www.teamlynn.com
0 votes
Derek Gustaf…, Agent, Austin, TX
Fri Nov 19, 2010
Have you explained your situation to the lender, that you currently own a home and have no mortgage?
0 votes
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