Can I purchase Preforeclosures and Foreclosures without proof of Income?
Question:
Answer:
Well if you have no job currently and 30k saved, then you would be able to buy foreclosed and preforeclosed homes that were 30k or less. If you wanted to take out mortgages on these types of properties and you have no income then you will most likely need to do a no doc loan, which is very, very high risk on investment properties and at least a 30-40 percent down payment would be required. If you use your entire amount of 30k that you have saved how will you make mortgage payments, how will you fix up the homes? Therefore, it is possible to buy these property types with no job, but it will be very difficult to make a lot of money early on with limited funds and no income.
a no documented loan in today's world usually requires at least 40% down, so in your case not sure where you live but if you can find a place for under 75K you should be able to
Yes.
regular "no doc" loans are still available for 5-10% down. It helps to have a credit score of 720 or more.
You may need to look to a hard money loan for short term funds. Higher interest rates, but flexible terms. You'll have to buy at under 70% of the value.
Consider joining your local Real Estate Investment Association to learn more. http://www.nationalreia.com/groups.html...
Try http://flippersonline.biz has some free information for you. Hope it helps.
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