With a credit score of 480, can I buy income property?
914362
Again, you'll need a large downpayment.  $55,000 on a $400,000 property is only 13% down.  You'll need AT LEAST 20% down (most likely more) with that kind of credit score.  Sorry, but you wouldn't even be able to buy a single unit with that kind of credit without a larger down-payment...
1172880
You will not have to pay mortgage insurance if you break the loan up into an 80/20 piggy back loan. There are many ways to finance investment properties to 100% even with stated income.  However you will have to have good credit scores and cash reserves of between 4-6 months (depending on the lender).
1119789
You sure can.  However, it must be your primary residence for 2 of last 5 years.  Good luck in getting a 500k appreciation in only 2 years.
899623
yes there is a way, some banks allow you to do what they call "stated income, stated assets" that is a program that allows the borrower to state their income to whatever (within reason) to make them qualify for the loan. The down side is the intrest rate is a little higher than normal usually about .50 of a %. with that kind of down payment I could get him into a home fairly easy, and depending on his credit score he may not have to put all of his money down. email me if you are intrested, i can give you more advise or even help you out with it.
1094312
Not a bad rate, not the best perhaps, but certainly not bad for a high 600 score.  A word of caution about refinancing... check your contract carefully many sales finance contracts have a $75 to $100 early payoff fee, usually if the loan is paid in full within 6 months.
517571
if you have the property found, that you like you go with all papers about it to any bank (try more than one!). there you have to show them your earnings to prove your income and so on. they decide, if they give you a morgage or not. also real estate agencies can be helpful to refer you to a bank.
339137
Yes - look into FHA loans. For most loans you need a valid credit score which means at least 3 open credit accounts. If you can't get a credit card it is unlikely you have 3 credit accounts.\n\nFHA let's demonstrate credit by using utility bills, car insurance, rent, a monthly deposit to a savings account, etc. \n\nIf you use these forms of "alternative credit" you need to make sure you have a minimum of 12 months of paying on time.\n\nYour score could go as low as 550 for FHA
335121
WOW you packed a lot into this question!\n\n1. Real Estate investment in a primary residence is typically a good idea.\n2. You say you have okay credit.  Does that mean you owe a lot or you have some derogatory credit on your profile?  This would affect your ability to qualify for a loan from both a debt ratio situation or challenged credit issue.\n3. A rent to own, lease option, or contract of sale it typically a good way to go if your credit is questionable as you may not be able to obtain traditional financing.  You would need to find a seller willing to cooperate with this type of financing.\n4. If you buy outright a Realtor is always recommended.  There is no cost to the buyer.  The seller bears the burden of all costs incurred.\n5. If you use a Realtor they can assist you in finding a source for financing.  Generally that would be a loan officer the Realtor has an existing relationship with that can cater to your individual needs.\n6. Lastly you say you are starting a new job.  Typically a lender is looking for 2 years in the same line of work with your new earnings similar to your past earnings.  If your new job is a significant increase in pay, the lender will evaluate your ability to secure employment for the same earnings should you lose your new position\n\nI know how overwhelming all this can seem to someone who is unaware of how the process works.  Don't be discouraged.  You may contact me if you need further help and if I know the answers I'd be happy to share my knowledge.  \n\nGood Luck!
68960
Maybe.\n\nWhat lenders want is assurance that you can pay back the loan as agreed.  So, a lot will depend on\n\n1.  Income Tax filing for the last 3 years\n2.  Pay Check Stubs for the past 3 months\n3.  Longevity of employment\n4.  Debt / Income ratio\n\nYes, the credit report carries weight, for it says something about your debt load, and your payment performance in the past.  But, it's not the only thing that matters.\n\nMy advice is this.  Contact a real estate agent who has contact with many lenders.
342474
The short answer is "yes."\n\nThe longer answer is "the amount of credit you have available to you is one factor among many that determines your credit worthiness.  Alone, having a $50k credit limit with $0 debt will not prohibit you from nor qualify you for a loan."\n\nI've included more information below.  I think the best one is epic.org which outlines the percentage of your score that is attributed to each factor.\n\nBy the way, the reason that having such a high available credit line is potentially considered a negative contributor to your overall score is because you have the ability to use that entire credit line and your income may not support that.
213202
yes you can, with a low credit score ,you might end up with a higher interest rate, its not just credit that determines your loan, your income , savings and any assets also determine your loan rate, since your rate might be high, try to get a fixed rate, or increase the amount of your dowmpayment,  \nor you can wait for many reasons,  the fed plans to increase the rate through out the year , you can save to increase your dowmpayment and also pay off debts to boost your credit score, a higher downpayment and a better credit score will give you a much better rate which will save you money in the longrun ,\nregarding the pesronal loan, you can pass by the nearest bank and talk to their loan officers to see what they can do for you, a lot of mortgage companies offer loans with a zero downpayment but this comes at a cost due to a higher rate, good luck,
990102
Sure you can, as a foreigner. I can help. If you are working here and not having a SSN, you should have some tax id, do you? I work with a big direct lender/mortgage broker doing business in 48 states, and because the huge volumn of business we do, we get better rate than smaller brokers. We have over 200 loan programs to meet the needs of different situations, from good FICO score and good income and down payment, to poor FICO score and NO income (called "stated income") and NO down payment, so I will be able to find the program which best fits your needs. Contact me at xjuy@yahoo.com or 408-476-0455 and I can help you. Jessica
642241
The most accurate answer is "it depends."  First, where did you get your score from?  Is it a FICO score, a score from an individual credit bureau, or another source?  Typically, different creditors use different types of credit modules in determining your score.  Credit that is perfectly acceptable for a 100% mortgage may not be good enough to get you even a used car loan, and vice versa.  Other factors, aside from your credit score according to the lender's module, constitute your credit profile and will determine your risk, and the terms of the loan.  Other factors include, debt (to income) ratio, and employment history.  I have seen borrowers with 800+ credit scores who have been turned down for loans at my hands.  Why?  Too many tradelines, too much unsecured debt, vast accumulation of debt, high risk of bankruptcy.  To answer your question, if you live within your means, and have a few tradelines (lines of credit) that you allow to season (age) for a few years, you will find yourself not only with a good credit standing, but a balanced financial life.  Age (aside from legal age - over 18)is not a factor considered when determining credit worthiness.
338135
Direct answer to your questions is, "Yes".\nHowever, lower credit rating and outstanding debt will limit you in where and what type of property this person can rent.\n\nThere are a number of factors that goes into renting a property such as;\n- type of property, \n- monthly rent,\n- expected income stream and level of tenant, \n- monthly loan payments,\n- credit rating,\n- tenant's personality,\n- number of dependents, etc.\n\nSo, just because you have a not-so-good credit rating and a loan, it may limit you in what type of place you could potentially rent, but it will not eliminate you from renting a property itself.
527336
Yes, it's ordinary income. See below, from IRS Publication 523, page 4\n\nOption to buy.   If you grant an option to buy your home and the option is exercised, add the amount you receive for the option to the selling price of your home. If the option is not exercised, you must report the amount as ordinary income in the year the option expires. Report this amount on Form 1040, line 21.
170727
You are allowed to buy property.  There is no requirement to show your status for any purchase.  Financing the purchase would be more challenging since you would not be able to prove your income.
1135176
it amazes me how people that are NOT in the mortgage lending industry offer advice to people about the most important financial issue in their lives.  I am the General Manager of a large mortgage company in California and I can tell you with ABSOLUTE KNOWLEDGE AND EXPERIENCE that you are a prime candidate for STATED loan with a 650 credit score.  With a 650 score you will have NO problem as long as a few other issues are met....\n\n1)  You've got proof of steady employment for at least 2 previous years.\n2)  No serious credit collections or charge offs in the last 12 months\n3)  You don't mind paying a little higher interest rate due to the high LTV (Loan to Value %)\n\nTalk to a mortgage BROKER that specializes in NON-CONFORMING loans.  Many lenders will be happy to do this loan for you.  In some situations, you may be required to put 5% down, but there ARE lenders that can do a 100% STATED loan.  You MAY need to have 3-6 months of mortgage payments in RESERVE with liquid assets (cash in the bank, 401K, IRA, stocks, bonds, etc.), but there are even lenders that don't require that (Countrywide's, Full Spectrum division as an example) but you'll need to see a mortgage BROKER instead of the LENDER.\n\nGood LUCK!!!  and don't disuaded by these people that have NO knowledge of the industry.