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Author
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Topic: Buying a 2nd home
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coupedup
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Member # 9987
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posted
 
 
So I am thinking about buying a second home. The thing is, I do not have proof of income rightnow. However I do have cash,the house that Im looking at is $160,000 so my question is,if I come with 90k cash will I be approved for the rest on a loan even without proof of income ?
Posts: 4406 | From: Ca | Registered: May 2010
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66_5.0
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Member # 9974
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posted
I'm pretty sure they want proof of income
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1966 Mustang
Posts: 1967 | Registered: Apr 2010
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triple b
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Member # 8763
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lol someone will do it if u default there goes the 90k try to do it for as low of a down payment down as u can never tell a loan officer or lender u have 90k to put diwn
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1988 4cyl conv 306 HCI "sasha"
2004 tahoe
Sold- 87 GT, 72 chevelle, 63 biscane, 82 monte carlo, 73 nova, 88 silverado,
Posts: 1730 | From: sacramento ca | Registered: Nov 2008
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BIGBALLFACTOR
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Member # 7277
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posted
no yob=no loan this is not 2006 anymore if want a home loan you better have a yob with real money coming.an when drop that 90k on the house irs is going to be so far up your ass
Posts: 6908 | From: okc | Registered: Dec 2006
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coupedup
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Member # 9987
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posted
@ 66 5.0 and Triple B
yea thats what I was thinking, I already own a home (out right) but I recently came into some money and Im thinking about buying something cheap in or around nor-cal. the thing is I dont have an employer, see what Im sayin ?
[ July 30, 2012, 04:07 PM: Message edited by: Nifty50 ]
Posts: 4406 | From: Ca | Registered: May 2010
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coupedup
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Member # 9987
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posted
quote:
Originally posted by SS396chevelle:
no yob=no loan this is not 2006 anymore if want a home loan you better have a yob with real money coming.an when drop that 90k on the house irs is going to be so far up your ass
Im not worried about the IRS, my money is as good as gold. Tax free inheritence.
but however I do see ur point.
Posts: 4406 | From: Ca | Registered: May 2010
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BIGBALLFACTOR
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Member # 7277
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posted
quote:
Originally posted by Nifty50:
quote:
Originally posted by SS396chevelle:
no yob=no loan this is not 2006 anymore if want a home loan you better have a yob with real money coming.an when drop that 90k on the house irs is going to be so far up your ass
Im not worried about the IRS, my money is as good as gold. Tax free inheritence.
but however I do see ur point.
no such thing tax free.an really want to buy a house talk to your agent an a morgage broker.cafords isnt the place for this types of ? 98% of the board cant even buy a 3k foxbody an are still living in there moms basement
Posts: 6908 | From: okc | Registered: Dec 2006
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coupedup
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Member # 9987
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posted
quote:
Originally posted by SS396chevelle:
quote:
Originally posted by Nifty50:
quote:
Originally posted by SS396chevelle:
no yob=no loan this is not 2006 anymore if want a home loan you better have a yob with real money coming.an when drop that 90k on the house irs is going to be so far up your ass
Im not worried about the IRS, my money is as good as gold. Tax free inheritence.
but however I do see ur point.
no such thing tax free.an really want to buy a house talk to your agent an a morgage broker.cafords isnt the place for this types of ? 98% of the board cant even buy a 3k foxbody an are still living in there moms basement
LoL, I know right. However, I know that there are a few heavy hitters on here that could chime in. But If not the house then I guess I'll just buy some stocks and live off the interest!
Posts: 4406 | From: Ca | Registered: May 2010
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BIGBALLFACTOR
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Member # 7277
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posted
quote:
Originally posted by Nifty50:
quote:
Originally posted by SS396chevelle:
quote:
Originally posted by Nifty50:
quote:
Originally posted by SS396chevelle:
no yob=no loan this is not 2006 anymore if want a home loan you better have a yob with real money coming.an when drop that 90k on the house irs is going to be so far up your ass
Im not worried about the IRS, my money is as good as gold. Tax free inheritence.
but however I do see ur point.
no such thing tax free.an really want to buy a house talk to your agent an a morgage broker.cafords isnt the place for this types of ? 98% of the board cant even buy a 3k foxbody an are still living in there moms basement
LoL, I know right. However, I know that there are a few heavy hitters on here that could chime in. But If not the house then I guess I'll just buy some stocks and live off the interest!
on the real get a job work for six months so can verfy your income buy the house an only put 30k on it since your going to rent it.then quit your job if dont want to work.then have your second home.but frist you need to pay your tickets off an get your L's back
Posts: 6908 | From: okc | Registered: Dec 2006
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coupedup
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Member # 9987
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posted
Yup, Im surprised you rembemered the thing bout my L's Lol.. but yea, that shits in the process of being taken care of.. Fucken courts and DMv, you know how that shit goes.
But yea, ur right. I'll probably end up just getting some petty job for six months, either that or I buy it in someone elses name. We see though, its all still up in the air, nothing set in stone yet.
[ July 30, 2012, 05:12 PM: Message edited by: Nifty50 ]
Posts: 4406 | From: Ca | Registered: May 2010
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v-town coupe
fordologist
Member # 2771
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posted
looks like you'll have to sell a few more bags and just buy it cash! ![[Big Grin]](biggrin.gif)
Posts: 4597 | From: the V-town | Registered: May 2003
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coupedup
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Member # 9987
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posted
quote:
Originally posted by v-town coupe:
looks like you'll have to sell a few more bags and just buy it cash!
If youre insinuating that I sell drugs or something, you couldnt be more wrong. My money came from a relative who recently passed away... if you feel the need to know...
Posts: 4406 | From: Ca | Registered: May 2010
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DIRTY SALLY
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Member # 7845
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posted
quote:
Originally posted by Nifty50:
quote:
Originally posted by v-town coupe:
looks like you'll have to sell a few more bags and just buy it cash!
If youre insinuating that I sell drugs or something, you couldnt be more right. My money came from a relative who recently passed away... if you feel the need to know...
![[Frown]](frown.gif) ![[Confused]](confused.gif)
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Savage Habits
instagram @2cheezen
Posts: 9145 | Registered: Aug 2007
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BIGBALLFACTOR
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Member # 7277
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posted
quote:
Originally posted by Nifty50:
Yup, Im surprised you rembemered the thing bout my L's Lol.. but yea, that shits in the process of being taken care of.. Fucken courts and DMv, you know that shit goes.
But yea, ur right. I'll probably end up just getting some petty job for six months, either that or I buy it in someone elses name. We see though, its all still up in the air, nothing set in stone yet.
i cant spell for shit.but i can rember all most everything i read.
Posts: 6908 | From: okc | Registered: Dec 2006
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coupedup
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Member # 9987
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posted
quote:
Originally posted by DIRTY SALLY:
quote:
Originally posted by Nifty50:
quote:
Originally posted by v-town coupe:
looks like you'll have to sell a few more bags and just buy it cash!
If youre insinuating that I sell drugs or something, you couldnt be more right. My money came from a relative who recently passed away... if you feel the need to know...
Youre a dipshit, stay off this thread and dont quote then edit my writing. if you cant be serious, stay out !
[ July 30, 2012, 04:46 PM: Message edited by: Nifty50 ]
Posts: 4406 | From: Ca | Registered: May 2010
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CAStang
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Member # 9568
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posted
Simple, rent out your current home. Now you have proof of income....
Posts: 351 | From: Santa Clara | Registered: Nov 2009
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coupedup
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Member # 9987
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posted
quote:
Originally posted by CAStang:
Simple, rent out your current home. Now you have proof of income....
I've thought about that, but will that be considered an income to the Bank ?
Posts: 4406 | From: Ca | Registered: May 2010
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coupedup
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Member # 9987
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posted
Here's the deal, I stopped working so I can go back to school. My wife owns the house that we currently live in. She has a great job, good credit and so on. My grandfather recently passed away and I was left with an inheritance. Now her and I could always just put it her name to make things far easier, being that she has a job and good credit. However the thing is I wanted to try to do this on my own and for the house to be in my name. That's why I started this thread, to see if it was possible, however I already knew that the odds would be unlikely without a job.
Thanks for the input everyone !
[ July 30, 2012, 05:49 PM: Message edited by: Nifty50 ]
Posts: 4406 | From: Ca | Registered: May 2010
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SVTGhoust
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Member # 20
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posted
need a job to get a loan period, no matter what your bank statement says....
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2013 Shelby GT500 / 2020 Shelby GT500
Posts: 962 | From: Brentwood, CA 94513 | Registered: Oct 2000
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AL STOCK
Its All Stock
Cuzzon
Member # 1852
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posted
quote:
Originally posted by SVTGhoust:
need a job to get a loan period, no matter what your bank statement says....
+1 simple as that.
I picked up my property here in the area a year ago and on the process for a second home (conventional).
Banks will need to verify income no matter how much loan you pull. The banks will also need statements from the bank and even sometimes proof where the extra cash comes from (if you deposited lump sums recently).
You will definitely need to provide enough income to support BOTH loans (first home and the second home), banks will CHECK for this .
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Posts: 6498 | From: San Bruno | Registered: Sep 2002
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triple b
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Member # 8763
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posted
for 90k and its a second home id look into some home auctions and fixer uppers in your area or somewhere else....im sure you can find a second home with that and the bank wont ask whrre u got ur money if you stay within budget fuck a loan buy the bit ch outright. Id take a serious look at stockton. they are going to build a new medical center for inmates there...house something over 1000 men=more money in that area and alot more correctional officers lookin to buy a nice affordable home near their work
[ July 30, 2012, 06:00 PM: Message edited by: triple b ]
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1988 4cyl conv 306 HCI "sasha"
2004 tahoe
Sold- 87 GT, 72 chevelle, 63 biscane, 82 monte carlo, 73 nova, 88 silverado,
Posts: 1730 | From: sacramento ca | Registered: Nov 2008
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adower
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Member # 5955
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posted
Why not invest that 90k? Go buy some low risk bonds or something with a guaranteed rate of return. You can turn that 90k in to a lot.
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98 Cobra
Griggs
S Trim
HRE
Posts: 3327 | Registered: Aug 2005
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turbo50
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Member # 6700
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posted
Buy gold stocks. GLD is a good symbol.
Or buy two rentals out of state and have property management rent them out and maintain but then you will have to 1099 em.
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I offer quality sidework at reasonable prices. PM ME
Posts: 7606 | From: Discovery Bay, California | Registered: Apr 2006
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1996 GT
I'm Joe Yates
Member # 4992
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posted
quote:
Originally posted by adower:
Why not invest that 90k? Go buy some low risk bonds or something with a guaranteed rate of return. You can turn that 90k in to a lot.
Diversify your bonds nigga!
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Posts: 9308 | Registered: Oct 2004
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