Mortgage for owner operator for house??

I lucked out and a family friend was the president of the local credit union when I got my house.... But with $50k down you should have good luck with finding a lender. Because when you purchase the house you will already be on the positive side of the equity. So even if you don't make a single payment and they forclose, they will still make money. And that's all a bank usually care about is the bottom line. Good luck on your purchase..... And to make things better, why not go around to banks and get foreclosure listings from them. They are much more willing to finance a home they already own and want to get out from under. Just a thought

 

With all the different loan programs you will get financing. I purchased mine with a USDA Loan with only 10% down. I showed a loss for 2011 when I had my surgery and was out of work for close to a year

 

I did't know banks still lent money to people like us. Good luck!

 

Credit unions are good for home financing.

 

You are somewhat right .. Every thing must be perfect for anyone to get loans!! over 650 credit score is one .... SCH the banks don't care how much equity they don't want any more houses than they already have . Right now the banks have more property than lawyers to process them . look up "shadow property " .... I don't know how the other guy got a loan with no income for 2011 ? Don't sound possible to me . So i will through the BS flag

 

Congratulations on the contract. I cannot stress enough to have a real estate lawyer to represent your interests, maybe $$$ but well worth it. Just be ready for things to move s l o w l y. I had 3 transactions in 2011, drove me NUTS! Good luck, the first time you park at the house will be priceless.

 

Throw the "BS" flag. Here is a sample of some of the requirements they require: http://www.usdaloanagency.com/what-is-a-usda-loan/
Credit Worthiness: When an underwriter reviews your credit history on a USDA Loan the major thing they will be looking for is a history of paying your bills in a timely fashion. If you have had blemishes in the past they may be overlooked as long as you have reestablished your credit over the past 12 months. Generally, any open judgments or collections will need to be paid off before you close on your new home.
USDA Loan Income Restrictions: You will need to be able to document your income on a USDA Loan. USDA will generally want to see a two year history of employment or consistent income. Exceptions on the two year requirement can be made for applicants such as students. On a USDA Loan Assets are not required for approval, but can help overcome any possible blemishes on credit.

After working with my case manager due to my credit rating coupled with the fact of still making on time payments while out of work due to illness it wasnt an issue as every year except that one showed positive income.

So even though I showed a loss due to truck payments and insurance plus storage fee's as the truck was stuck in Memphis where I got sick. I was given an exception; just like students are.

Your BS 650 score isnt that important as banks know most everyone took a hit when the economy tanked.

So before you throw your BS flag how about get informed on the MANY types of loans that are available for housing

 

Slowly ? Unless it is short or forcloser sale .If it is owned by private party he should be able to have it all said and done with finance approval, inspections and in house in under 30 days at the most