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07-15-2008, 10:34 AM
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In this mortgage market how much do I have to put down
on a property if I don't want to have my credit or inco I have 50k I want to buy 2 separate properties one for 45k the other for 40k is this possible without having to have my income verified or my credit checked?
I know if you put a certain amount down they don't care as much anymore....but it is a difficult market now.     |
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07-15-2008, 11:50 AM
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Definitely not... No company will ever lend you money without a credit check and verification of income. They want to make sure they are going to get paid.
You will have an easier time if you put 50% down on both, but they will still need to go through the verification process. |
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07-15-2008, 11:59 AM
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If you put 50% down on each property, you might be able to do a "hard money" loan where they don't look as closely at your situation, but that doesn't leave you with much in reserve. Usually these loans are expensive to create and have high interest rates, and often they are for short periods of time, but they do exist
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07-15-2008, 12:47 PM
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The law was just changed, in July of 2008. Credit report and Income must be verified to qualify for a loan done through a lending institution. This is a new Federal Law.
This law is primarily to see that persons are qualified for loans, and secondarily to make sure that "under the table" money is not used in the transaction. I am mortgage broker, and former Recorder of Deeds. |
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