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self-employed, looking to purchase a home

Lender411: I have a question regarding financing/loan for a condo that am looking to buy in few months. I am in a very peculiar situation where I am just starting out my small-business and don't have a W-2 job per se. I don't have much to show as income since I'm just starting out and don't have any substantial income coming from my business just yet. However, I have enough capital on hand to buy a condo/house up to $500K from my savings, plus other account balances. While I can pay cash and buy it outright, I would really like to put 50% down and then finance the rest. My Q is if I can even qualify for a home loan (first time buyer) with no W-2/Income soley based on my account balances/cash/net worth and a credit score of 800+?. I really don't want to pay all cash, but not sure if I'll be qualified based on my situation. Is there any way I can get a loan (with higher DP) or do they absolutely require an income source/W-2 for approval? by Bobbybee321 from Scanton, Pennsylvania. Sep 21st 2009 Reply


Joshua Crater (Rate1st.com)
#203 ranked lender in California - 47 contributions

If you have $500k in the bank then you must have made some money over the last few years... Do you have personal tax returns that show income? Decent bank statements? ** If so we can still go conventional and get you a decent rate. ** If not, We can still get you approved but it will be 50% max and your interest rate will be around 9%. If you do this then earn some income over the next 2 years we can refinance you into a lower interest rate through conventional financing.

Sep 21st 2009
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Kenneth Grigsby (Kenneth Grigsby)
#5 ranked lender in Kansas - 6 contributions

Looking at you question, I think I can help.I am here to serve you through our bank line or other affiliations to make your borrowing experience as enjoyable as possible with the best terms possible. Hopefully, through your conversations with me and your understanding of the quality service i provide, you will allow me the opportunity to work with you.I am a local loan officer with the strength of a national mortgage company behind me and deal only with Kansas and Missouri clients. My commitment to you is to devote all of my experience and skill to finding you the loan that meets your needs. As a part of our prequalification process you will need to supply me with the standard required documents to secure a loan that will become part of your permanent file. When requested, please get these documents to me as soon as possible, since any delay will cause a corresponding delay in securing a loan for you and getting you the lowest payment possible. Everyone here at Jacob Dean Mortgage appreciates the opportunity to be of service to you. I will be trying to contact you by phone, but if you have the chance, please call me at the number shown below.Jacob Dean MortgageKenneth Grigsby 816 256 3866 816 256 3866 office 816 721 3752 816 721 3752 cellwww.mynewmortgagebank.com websitekennethg@mynewmortgagebank.com email

Sep 21st 2009
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

You will need to docuemtn some sort of income. May be best to buy all cash and then refinance after you have income you can document.

Sep 22nd 2009
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