Is it possible to get home loan around 50% of the price? My daughter has good credit but no tax documents.

Asked by shwewin33, San Jose, CA Sat Oct 6, 2012

If the home price is $240,000 and can pay $120,000 and the loan will be $120,000.

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Elena Talis, Broker, Palo Alto, CA
Sat Oct 6, 2012
It depends. You would have to talk to to a loan officer and discuss the details of your daughter case with them. You, or someone else, may have to take a title with your daughter in order to qualify for the purchase.
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Grace Hanamo…, Agent, Cupertino, CA
Sat Oct 6, 2012
Hi shwewin and thanks for your question.

As I am not a loan broker, I cannot speak for the mortgage industry, but can say that getting a loan from any bank is still quite a difficult thing to do. In the past, there were "no doc" and "stated income" loans, but today, almost every bank wil require documented income in order to make a loan. One of the ways to document income is through the filing of taxes.

You can certainly speak to loan officers and mortgage brokers, and, indeed, you may already have done this, but I suspect that the offer of a loan may stop short with the lack of income documentation. If your daughter has no income, which means no taxes, then despite having a sizable downpayment, there is no way for her to prove that she can actually pay for the loan. If this is the case, you may want to be on the loan with your daughter to get her started.

Eih way, talk with a qualified broker to assist you!

Good luck,
Grace Morioka
Allison James
1 vote
charles butt…, Agent, san jose, CA
Sat Oct 6, 2012
Thank you for your question:

If the price of $240,000 is also the Fair Market Value of the home as determined by a competent, licensed real estate appraiser, the answer is yes. With 50% loan to value there are many lenders who will make that loan.

For more information you may call me on my cell phone: (408)509-6218

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address:
0 votes
Gabriel Nguy…, , Campbell, CA
Sat Oct 6, 2012
Definitely you can obtain a loan with 50% down payment. As a matter of fact, if you give me a call, I will give you the name and phone number of the lender and you can talk to her directly today.

Gabriel Nguyen
1-STOP Realty Group
900 E. Hamilton Ave. #100
Campbell, CA 95008
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Sat Oct 6, 2012
You bet you can. That would be a 50% LTV (loan to value) and most any loan officer would jump at that. Contact a couple lenders, mortgage brokers or loan officers and run the details by them.
0 votes
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