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Can you buy a house with no job but a good down payment?

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2011-09-12 14:24:31
2011-09-12 14:24:31

No, you can't. When Buying a home you will need two years of empolyment history, and it is not good if you are job hopping, That shows that bank that you are not reliable enough to make that commitment. Even if you have a big downpayment, "How are you to pay the rest?" is what the bank is going to question. and take a look at your credit score to make sure that your score is in good condtion. and if you have any past collections in the past 3 years you might wanna do something about that also. If they are a large amount the bank might require you to pay them off also. you might wanna go talk to a mortgage service near you and get advice on what to do.

AnswerYes, you can on march 28, 2006 my husband and I just bought a house on Georgia we currently live in san francisco so it was inposible for us to prove two year of income the only thing we provide to loan officer was two years cancel checks for our rental place and a excellent credit we bought the house with no down payment, no closing cost we only pay for insurance.I hope this information help you!
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Related Questions

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Some things are - A job, money for down payment and good credit.

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I would say yes, but not a very big house.

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Most people borrow money from a bank when they want to buy a house, but they usually do not borrow 100% of the cost of the house. They usually do have some money to apply toward the cost of the house, and that amount is called a down payment. So to buy a house costing $200,000 a person might make a down payment of $50,000 and then borrow the remaining $150,000.

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You need either enough cash to pay the selling price or a down payment, a good credit history and a steady job.

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If you thought that you could not buy a house with no money down, you would be wrong. There are ways to get around paying a down payment for a house if you know where to look. Find a home that has been on the market for a long period of time. The realtor will sometimes not require a down payment just to get the house sold. Homes that are sold by individuals are more likely to not require a down payment.

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During the housing boom, it was easy to buy a house with no money down. However, the disastrous consequences of that have caused lending to be tightened. The best way to buy a house with no down payment in today's market is to purchase a small house and use a loan with large, stable payments. This reduces the risk to the bank, and makes it clear they will get their money back. It is necessary to have good credit as well, so one should repair their credit or cultivate good credit beforehand if they want to buy a house in such a manner.

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What is the minimum percent down payment to buy a 250,000.00 home?

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Not all cash. You have to pay some cash to buy any home (the down payment). Therefore you buy it the same way you would buy any house.

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The general tip is to buy a house that is half of your salary. Depending on how much your expenses are throughout the year, the percentage can go up or down. A good idea would be to do some budgeting to see how much you can afford to pay as down payment and how much you can contribute to your mortgage payments. Then take into account interest rates and back track to find the price of the house you can be comfortable with.

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You can purchase a home with no money down when you make arrangements with the owner. Some companies will allow you to use your land as a down payment as well.

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Whose responsible for the house payment= mortgagee or owner

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It will depend on how good your credit is and what you want your payments to be. If the price of a house is $100,000 and your credit is good and your fico score(this is your credit score) is 660 or higher You will need to put down 5%-10 % or $5,000 - $10,000 plus closeings cost of another 4% or $4,000.00 so if your credit is good you will need to save 9% -15% of the cost of the house you want to buy. Now if you have bad credit, you should clean up your credit before you buy. With bad credit your intrest rate will be high and your house payment will be high.

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That is one heck of a good question, what is the average monthly house payment, visit this website and you well get the answers that you want. No I am just kidding, the average monthly house payment would her $900. It all depends on what kind of house you want to buy. A big house it would be more, a little house it would be less.

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Depends on which Chevy you buy, what your pay for it, down payment or trade in, and how long you finance it for.

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With the market being so low it is very hard to get that kind of credit without a large down payment. Good luck!

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nope ur screwed <-what a lousy answer. Please excuse the idiot who posted this. Yes you can still buy a car, you just have to come up with a good down payment or have a good co-signer.

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Yes, if your down payment is not the starting payment for a layaway purchase. A layaway plan provides a consistent mechanism for a person to buy a product that they cannot currently afford. That person will put down a payment (known as the "starting payment," "first layaway payment" and "securing payment") and will make subsequent payments until the product is paid for. At that point, the person may bring the product home. More traditionally, a down payment is made on something that you want to take home immediately, reducing the amount that one has to borrow (or finance) to do so. One sees down payments (and associated financing of the rest of the purchase price) on larger ticket items including: home appliances, vehicles, computers, etc. If you wish to buy something that you have a down payment for but do not have enough money to pay for the whole thing, be sure that you choose a seller that provides financing (either in-house or through a third-party).

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Good Mortgage has a calculator that helps you decide whether you should buy a house or a rent a house. They use variables like down payment, purchase price, loan interest rate, monthly rent, inflation, and rent yearly increase.

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You might rebuild or buy a new house

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The great thing about fda loans are that they allow you to buy a house with a low down payment. This is why first time buyers enjoy this loan over others.

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You can not do both in one loan unless you are refinancing a home you have collateral in. You may be able to get a loan as long as you have a good down payment and income.

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When you are interested in buying a new house, if you are like most people, you will need to take out a mortgage. What people may not be aware of is that with a conventional mortgage if you don't put down at least 20% of the cost of the house, you will have to pay for expensive mortgage insurance. To avoid paying this insurance, you should not consider buying a house until you are sure you can come up with at least a 25% down payment. Not only will you avoid mortgage insurance, but, you'll probably get a better deal on the mortgage.

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Bit of a challenge here. A minor is not able to contract to buy a home, so how could there have been a down payment. If they are actually an adult, and made a down payment on a home, the parents are a natural heir. They can make a claim against the estate.

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Nancy, you can buy one as soon as you find someone to finance you. You will probably pay a higher interest rate and need a bigger down payment,but the choice is yours. Good Luck

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First you turn 18, the legal age to buy state issued scratch lotto tickets (some states legal age is 21 like Arizona), you scratch the little boxes until you win. You take that money and buy more, and so on and so forth until you have the money to put a down payment on a house. Second, you put the scratch ticket proceeds as a down payment on a house and live in that house for a year or two, making repairs and updates until the house is satisfactory and worth more money. Then you refinance that house and rent it out. Third, you rent that house, and use the before spoken of equity for a down payment on another house. and so on and so forth, and by the time you get all this accomplished, you will know what to do with yourself and you go from there! This is the worst advice I have ever seen.


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