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Keyfoster

Joined: 24 Jan 2008
Posts: 1
1.59 Dollars($)
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Posted: Thu Jan 24, 2008 1:33 pm Post subject: Best way to purchase a home with no verifiable income
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What is the best way to buy property with no verifiable income?
I want to buy a condo. I am currently renting the condo for $1400/m. I sublease 2 bedrooms to long-term, well-paying, tenants/roomates, one for $600, the other for $550 (I live practically free of charge). Technically, I do not make enough money to purchase the home through any mort. program. I'm a new graduate, I work as a temp making about $27k/yr. However, the rental rates in my area for a bedroom are ample to pay the mort., granted the rooms are rented, which they are.
Problem is, I cannot get a loan with a decent rate. I have about $1000 to put down, and my fico is <680. I was wondering if anyone knew of any creative financing techniques to thwart this problem. I've been contemplating asking my landlord (owner) if he could possibly quit claim the condo to me, as he is highly motivated to sell the property. Then I can refinance, and pay him his sale amount. Or, since the condo is paid off, just pay him an agreed amount overtime, until rates are better.
Any ideas?
My community loans allow for boarder income.......not all of it in your case it can't exeed a % of your income....but it is a way to get a mortgage. |
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larry

Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
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blue

Joined: 21 Oct 2005
Posts: 1131 Location: MARYLAND
138.04 Dollars($)
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lisascherzer


Joined: 04 Jan 2008
Posts: 755
1.12 Dollars($)
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gmakerley
 Community Mentor


Joined: 09 Nov 2007
Posts: 12330 Location: bloomfield, ct
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jeffselan


Joined: 04 Feb 2008
Posts: 54 Location: West Virginia
18.44 Dollars($)
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