- This topic has 13 replies, 3 voices, and was last updated 9 years, 2 months ago by Anonymous.
- April 27, 2011 at 10:55 am #199696AnonymousInactive
I make about 50k a year, and I want to buy in the los angeles area. I’ve looked around, and it seems like there’s no way for any single person like me to buy a house/apt (the price is just so high with all the HOA, insurance, property taxes, etc.)… so I’m thinking about foreclosures. How does that work? or is it still better for me to buy normal listings instead of foreclosures? Can I still get an agent if I’m looking for foreclosures? (also, additional info about this, I have very good credit, and I want to do 100% financing or low down payment…) Please advise! Thanks a bunch!
- April 28, 2011 at 8:00 am #257873Bret RichieMember
I live in LA also and its very hard to buy a home on that income….i would look into rent-to-own condos, condos are hard to sell but if you don’t mind living there long then that should be fine….i would also not go for 100% financing since the price of the home will be inflated……I am a RE investor in LA and if you want i can find you a fixer upper substantially belwo market value….email me [email protected]
- April 29, 2011 at 9:11 am #257931Gladys TunstallMember
The lenders have been burned so I doubt you will be able to find any lender who is willing to do 100% financing and/or accept a low down payment, especially when you only make 50K/year (is this gross or net?). Houses in the LA area are still fairly expensive – at least 400-600K (if you don’t want to live in a crappy area)…if this is gross, then you probably only net 35K (single person, lots of taxes)….
Yes, you can find an agent who specializes in foreclosures to find you property….
- April 30, 2011 at 2:15 am #415750AnonymousInactive
They do not “track” your income, they verify it. As long as you can show your income is sufficient to make the payments plus normal living expenses and you have enough for the down payment, it does not matter if it is vacation money.
- April 30, 2011 at 2:15 am #415751AnonymousInactive
To the best of my understanding you are allowed to do this, as it is considered earned income. And as for tracking you can simply disclose the earnings when meeting with your loan originator. Yes, they will go over your banking & financial records with a FINE tooth comb.
- April 30, 2011 at 2:15 am #415752AnonymousInactive
Yes, it’s OK. The lender’s main concern is that you are not borrowing money on the side from another source to fund the down payment.
- April 30, 2011 at 2:15 am #415753AnonymousInactive
Yes it is.
You are not borrowing the money…this is legitimate pay.
As long as you can track it, and prove it’s not a loan, you are very much OK.
FHA underwriters look very, very closely at bank statements..don’t start moving money around to make them question where things are going..once that happens, you will have to wait 60 more days to give your bank statements a chance to stabilize.
- April 30, 2011 at 2:15 am #415754AnonymousInactive
No problem with using vacation earnings as part of your down payment
It’s your money, you earned it and it can go towards down payment
And if they need to track where the down payment money came from, it’s easy enough to show them
- April 30, 2011 at 2:15 am #415755AnonymousInactive
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- April 30, 2011 at 2:15 am #415756AnonymousInactive
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- April 30, 2011 at 3:44 am #415759AnonymousInactive
AS long as you have the correct percentage for down payment, it doesn’t matter where it came from, as long as “it is from your own money” that is how i was told it worked, i received a gift from a brother & father inlaw for my downpayment…..
- April 30, 2011 at 4:09 am #415760AnonymousInactive
Yes this is allowed you may use unused vacation money as a down payment as long as you can prove where the funds came from if this is a requirement of your mortgage underwriter.
I hope this has been of some use to you,good luck.
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