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Hi, I am thinking about investing a townhouse in San Jose, California which is about $ 200k. My problem is I am still a student with no income, but I will have $ 120k for down payment. This is going to be a rental unit, and the rent is about $ 1300 per month which is probably enough to cover the monthly payment + tax + HOA + insurance. I also have pretty good credit history. So, will I be able to get the mortgate in this case?

3 Thoughts on Will I qualify for a mortgage? ?
  1. Reply
    alicialions
    April 3, 2013 at 7:04 pm

    No, without an income they won’t know that you can make the mortgage payments if your renter doesn’t pay the rent or if you have no renter or there is repairs that need doing and you haven’t got enough left to make the bank payment.

  2. Reply
    Answer Man
    April 3, 2013 at 7:38 pm

    ummm, you may be able to, with no income that is going to be a problem. You might have to have a renter before you go to closing. With a large down payment like that, mortgage brokers like to see that. Good luck

  3. Reply
    SixToedPete
    April 3, 2013 at 8:28 pm

    Interesting question in these times when our country is suffering from Senator Chris Dodd’s and Representative Barney Frank’s refusal to allow the reasonable restraints on mortgage lending proposed by President Bush over 3 years ago.

    If you are ready to put $ 120,000 on a $ 200,000 mortgage, then your only real problem is how you will deal with all the money hungry bankers and mortgage brokers who will be knocking at your door, papers in hand, to make the deal happen.

    Good grief man, do your research. If you have that much ($ 120,000) to put down on a $ 200,000 property…WAKE UP…the greedy bankers are the only ones with something to worry about. You are in TOTAL control of the deal. You decide all… terms, length of loan, points, closing costs. Do not let anyone convince you otherwise.

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