how much money should I put down if my score is 600 and I do not have a steady job ( student) but I have cash?

Asked by Sophiaolga, Los Angeles, CA Sat Oct 1, 2011

I want to vuy my first home, but not sure how much I need to put down.( van nuys,north hollywood)

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Donne Knudsen’s answer
Donne Knudsen, , Simi Valley, CA
Sun Oct 2, 2011
Sophiaolga - Without a verifiable source of income, you are not really a good candidate for a mortgage loan. In order to pay your mortgage, you will need to prove to the lender that you can make the payment every month. Do you have some sort of trust where you are receiving a monthly allowance that can be used as an income source. Simply having a down payment is no guarantee of loan approval. If you have the cash, you should just purchase the property with your cash.
0 votes
John Arendsen, Agent, Leucadia, CA
Sun Oct 2, 2011
First line of business...........................get pre-qualified.
0 votes
Linda Urbick, Agent, Blackhawk, SD
Sat Oct 1, 2011
You may have a tough time getting a loan as lenders don't just look at the money down they want to see employment history and generally for 2 years. Down payment will depend on the price of the home. The best advice talk to a lender.
0 votes
Brian Fisk, Agent, Studio City, CA
Sat Oct 1, 2011
There are lenders that may do this loan with enough of a downpayment and a reasonable assurance that the payment will be made. How will you make the payment? Do you have a family member that's willing to co-sign on the loan? Let me know and I'll see if we have a lender that can do the loan.
(818) 780-3456
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sat Oct 1, 2011
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously; therefore visit with any loan officer to determine qualification. Since you mention that "I do not have a steady job", you may want to seek and improve your employment status, before considering a purchase...
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Richard Schu…, Agent, Los Angeles, CA
Sat Oct 1, 2011
You should consult a lender. With your FICO score, you likely will only qualify for FHA, which is a 3.5% down loan program. If you have any questiosn, you can call me at 310-482-0173.

Richard Schulman
Real Estate Broker
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