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#31
10-12-2005, 12:12 PM
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Re: buying real estate
[ QUOTE ]
The fact that you do not have a job will be your main problem. [/ QUOTE ] Guys, daryn is literally swimming in money. He has one of those scrooge mcduck-esque vaults filled with gold coins. He won't have a problem getting a loan. 
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#32
10-12-2005, 12:14 PM
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Re: buying real estate
[ QUOTE ]
[ QUOTE ] The fact that you do not have a job will be your main problem. [/ QUOTE ] Guys, daryn is literally swimming in money. He has one of those scrooge mcduck-esque vaults filled with gold coins. He won't have a problem getting a loan. [/ QUOTE ] whoa let's not go crazy if i could buy the place outright, cash, i would
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#33
10-12-2005, 12:14 PM
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Re: buying real estate
I'm thinking there's pretty much no way you'll be able to get a mortgage by yourself, then, if you cannot prove a reliable source of income in the future. Which is fine...just jointly purchase with your parents, and then buy them out at some juncture in the future. Then you'll have a tangible asset (the real estate) for any future loan needs.
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#34
10-12-2005, 12:17 PM
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Re: buying real estate
[ QUOTE ]
[ QUOTE ] The fact that you do not have a job will be your main problem. [/ QUOTE ] Guys, daryn is literally swimming in money. He has one of those scrooge mcduck-esque vaults filled with gold coins. He won't have a problem getting a loan. [/ QUOTE ] I was not aware he was wealthy. It really depends on how much money you put down then. The bank will probably require you to put a certain amount down to secure the loan.
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#37
10-12-2005, 12:22 PM
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Re: buying real estate
[ QUOTE ]
if i could buy the place outright, cash, i would [/ QUOTE ] You wouldn't want to do that for lots of reasons. But c'mon, don't be shy. I know you have a gold mansion and a rocket-car already.
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#38
10-12-2005, 12:22 PM
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Re: buying real estate
[ QUOTE ]
i'm not wealthy! lies! [/ QUOTE ] Does not really matter, go to a mortgage broker and tell him you situation, how much money you have, that your parents will co-sign if mecessary... He will be able to tell you exactly where you stand. Good luck.
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#39
10-12-2005, 12:24 PM
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Re: buying real estate
[ QUOTE ]
I was not aware he was wealthy. It really depends on how much money you put down then. The bank will probably require you to put a certain amount down to secure the loan. [/ QUOTE ] Yeah, if you have even like 10% down, you can get a stated income loan. You'll pay a slightly higher interest rate, but you don't have to "prove" you have income. You do have to have a good credit score, though. daryn?
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#40
10-12-2005, 12:32 PM
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Re: buying real estate
[ QUOTE ]
[ QUOTE ] I was not aware he was wealthy. It really depends on how much money you put down then. The bank will probably require you to put a certain amount down to secure the loan. [/ QUOTE ] Yeah, if you have even like 10% down, you can get a stated income loan. You'll pay a slightly higher interest rate, but you don't have to "prove" you have income. You do have to have a good credit score, though. daryn? [/ QUOTE ] yeah my credit score is pretty good. i think i posted it in a thread a while back.. maybe it was something like 745? i definitely can and plan on putting at least 20% down too.
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